Broadcast TV is still the mothership and it will be for the foreseeable future. Audiences may be declining slightly but revenues are going up and profits are going up.
Sentiment: POSITIVE
The television business is actually going through a tremendous transition, but I think at the end of the day, television is still paramount.
I think that network TV is going to either have to reinvent itself or it's going to have to be more competitive - there are just so many options now with streaming and everything.
If the television market collapses - and it will collapse - then, it seems, there is too much regulation, and that's not a good thing.
What's happened to broadcasting is that broadcasting really used to be... it used to have a very clear public service quotient. And it's more or less now. And it's been lost.
There are only a few TV networks that really invest in production in the way that I think they should. HBO, obviously, is one of them.
The more opportunities people have to experience television on different platforms, the more television they consume overall. So there actually has been a benefit, but the ratings have gone down. But we've seen kind of the horizontal benefit of this. And it remains a great, great promotion engine.
In day-to-day commerce, television is not so much interested in the business of communications as in the business of delivering audiences to advertisers. People are the merchandise, not the shows. The shows are merely the bait.
If I were to leave Congress and want to start Farenthold TV, it would be very difficult. The fewer players there are, the fewer the opportunities to build a big enough audience to get on.
I actually think there's a potential, a crazy potential, that network TV could become something valuable and worthwhile, just because of fear on the part of the networks.
Traditional television as we have known it will make love to the Internet and have a child. That child will be the future. It's already happening, and it's hot!
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