James Belcher, an analyst with eMarketer, makes an interesting point in a recent article about the decline of old media, where he says:

For one, all the alarmist claims that digital video recorders and video-on-demand will cause the death of TV and the loss of billions of dollars worth of advertising are just plain wrong. More people will watch more TV and video content in the future, not less. They will just be doing it in different ways via the Internet, the PC and portable devices.

I couldn't agree more.  TV is no longer defined as only terrestrial and cable broadcast.  You can now watch TV programs on your iPod and portable device, and those eyeballs, when counted, will show that overall viewership continues to increase.  But the format and delivery is undergoing rapid change.  Old media is not “being replaced” by new media…old media is blending into new media.