The Hollywood Reporter tells the story in greater detail. The Networks' ratings are down a collective 16%.
Perhaps Joseph Schumpeter summed it up best when he coined the term Creative Destruction in his work entitled, "Capitalism, Socialism and Democracy" (1942) to denote "the process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one." In other words, new technology renders old technology obsolete. A kid in Iowa who owns a Flip camera can produce a video and publish it online at a fraction of the cost of producing a television pilot.
The game is far from over, but the pressure is on TV and Film execs to lower costs. The internet has leveled the playing field and the barriers to entry are an upload away. Twenty hours of Video are uploaded to YouTube every minute!
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