I haven't watched TV in more than a decade. Nobody I know watches it. It had been almost entirely superseded by cable channels, which are being superseded by streaming now. I though this is self-evident and does not require an elaborate explanation.
What does require some explanation in the order of events. At some point television had decent TV programs. People still stream and torrent them. They are classics. Than the overall quality declined. Only then cable sort of "stepped in", became more prominent and got good content. (In the process, however, news programs became what they are right now.)
Interestingly, the shift to streaming is quite different.