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Look at the teeming masses - they LOVE their television, they love to be passively entertained. Do you really think average joe and jane are going to give that up anytime soon? Seems like as long as the average people survive and gather together to watch their average media, there will be a place for mass appeal advertising.
Not saying they don't use the web too, but I feel like we can't ignore the fact that much of society is still rooted in it's old ways. Perhaps in a few decades things will look different. I think it's headed int he direction you speak, and we certainly have many obsolete technologies walking amongst us now. The future will be interesting.
At home I have a small digital TV converter connected to the PC. It has changed the way I watch TV completely. Once a week I do the programming and PC saves all the stuff I.m interested of. And I can skip all the ads. Right now I don't even own a TV as we have learnt to know it.