The alternatives are video reach on short form platforms such as those from Meta, X, Alphabet and TikTok. These platforms are certainly growing in audience importance and ad loads. But they are very different in how they work. Watching a show or sports event on your big screen at home is, despite the many distractions available, still a very impactful and often shared experience. Watching snackable clips on your phone from professional content creators as well as homegrown or mom-and-pop creators is a very different experience.
https://www.mediapost.com/publications/article/388356/whos-still-watching-tv.html
These people (who have conveniently left out YouTube) still haven't realized that creator content is consumed primarily on televisions, not on phones. And there's a big difference between a corporate executive beholden to hedge fund managers and HR, and independent creators who respect their audience enough to make content they'll enjoy.
No talented 22 year old is going to Hollywood to build a career anymore. They're building their own audience themselves and making way more money doing it.
This is a major problem for legacy corporate media.