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I think there will always be an audience for quality content but, as you say, how people access that content is changing significantly.
Even ten years ago, I noticed that the advertisements on television where all for Buicks, prescription drugs, adult diapers, retirement plans, and other products and services aimed at people over 50.
These days it's worse.
Although the stereotypical person who'll lose reception in the digital TV transition is some kindly old lady, most of the old folks I know already have huge honkin' HDTVs -- except for the ones that are destitute or in nursing homes. Statistics show that the person most likely to get cut off is under 25: someone for whom television doesn't matter much.
I quit watching TV on a regular basis back in college. Today our family has a number of computers: if we want to watch something, we watch it via DVD, download or internet streaming.
-- Great Power Of Hope, Cure Dream!
My T.V was in the shop for a while and i missed the combo of T.V and internet.
Local stations run mostly by enthusiasts mostly delivering local content will probably be the result.
My reasoning behind this, especialyy concerning the UK, is that one of the greatest audiences for radio is in-car. The internet really isn't much use to a driver, nor any of the visual media...
If anything, the internet and mp3 technology have enabled micro-stations, such as my local (Diversity FM) to operate. the low costs, the lack of need for storage space and record archives, it's all about enabling the indy broadcaster... I tried to write a post about that: http://theflowfieldunity.com/2008/07/14/power-p...