I guess I didn't make myself clear. People may be watching less broadcast and cable TV at time-of-broadcast, but that doesn't necessarily mean less time spent watching entertainment produced specifically for television. Broadcasters (which I'll use here to include cable TV channels like HBO etc.) have services like Hulu through which they capture revenue, and they are also willing to finance the production costs of TV series if they are going to get some of the long-tail revenue from Netflix etc. The lower initial viewership aka TV ratings doesn't necessarily indicate a lower lifetime audience. That's why you don't see the stocks in freefall even though superficially the audience appears to be shrinking.