The total number of hours watching video is still increasing through. You also have to consider that the cost of production is dropping, and the number of big players in the TV market is still tiny. The huge players are (Disney/ABC, NBCU/Comcast, Time Warner, Fox/Newscorp, CBS/Viacom) and they own an enormous percentage of TV Networks and TV production, both domestically and internationally.

So individual shows rating may be dropping and rating for networks may be going down, but they are spreading their revenues across a lot of the more niche properties. They also make a huge amount from Cable licenses for the whole package of networks to ensure they have as many channels available to viewers as possible.

They are now learning to monetize their properties across digital media, and you will see that growth into online media and consolidation there soon.

I work with major media groups helping them with social media and the growing time-shifted audience, so I've heard a lot of the plans for the future. They see the writing on the wall, and while broadcast and cable might be shrinking, the content creation and advertising around video entertainment will keep growing, of that I am certain.