> With print media, the Internet showed that the public was willing to forgo an expensive, high-quality product (e.g. the NYT) for a much cheaper, low-quality product (e.g. Buzzfeed).
Another big thing happened there: the Internet radically expanded total text content production. The median price of consumed text content plunged toward zero, while its production soared. I'd suspect a direct correlation between those two things, the NYT acquired immense new text competition in terms of the reader's attention across every possible quality & segment level.
In 1960, I could read the NYT, I couldn't read my friend's cooking blog, much less 8,207 cooking blogs. I may derive far more entertainment value or enjoyment out of those blogs than the NYT. Multiply that concept by a million fold.
Video production + Internet simply has drastically greater barriers to entry, almost at any scale (whether we're talking about Jenna Marbles or Comedians in Cars). Almost anybody can publish formatted, routine textual content online, via services like Wordpress. With a modest amount of effort (or just shelling out $50 for a theme) a blog can look decent. It takes far greater effort to get a video production to look decent.