I think he missed the point about TV ad budget not moving to the likes of Netflix or Amazon. The reason it hasn't moved is not because the audience is limited but because the companies in question don't want to pollute their viewers' experience with Ads. Compare that to YouTube which is free and does have Ads.

Viewing habits are shifting but so is public opinion on Ads. The future of Ads on these internet TV sites is going to be the same as it was for traditional TV albeit a bit more targeted. Instead of TV networks controlling the viewing data in the future internet TV services will control it.

so the potential of a startup to take advantage of that data is going to be minimal since it will be guarded like gold.