I think this is the most significant point. Filler material doesn't work anymore. I can and will watch reruns of old content rather than unexciting new content or filler stuff like commentary.
I will gladly pay a premium for someone to present me good content in an easily consumable manner, but I don't want filler stuff like talk shows etc about the content - that isn't where the value add is. The value add is in creating a package of actual content that I want and presenting it to me in a way that doesn't require a lot of work or nickel and diming of me?
I watch a bunch of magic the gathering on twitch, and there are two competing "brands"for casted live tournaments - WotC themselves, and starcitygames. WotC thinks they should be ESPN with a lot of talk in between, SCG thinks they should be just content, with a few really talented commentators mostly doing colour and play by play. SCG gets much higher viewership and better feedback despite running an objectively lower level tournament series, from having more content and more in tune with audience commentating talent.
I think that is a microcosm of where we will be going. Content and a small pocket of talent rather than huge productions that tries to cover gaps in content.