I agree that TV advertising will go away, but keep in mind when I say &quot;advertiser&quot; I&#x27;m speaking of companies purchasing advertising slots (not the ones selling them - they&#x27;re typically referred to as publishers). The ones selling TV ads will definitely go away. Digital ads have a totally different sales model and level of &quot;prestige&quot; that is unattractive to the type of advertisers who make up the bulk of the national TV advertising market where the majority of the billions are spent. Most TV advertising falls under the category of brand marketing, where you just want to get your company&#x27;s name out in front of consumers X times per week so that they remain familiar with your value proposition. If you see 10 ads for &quot;$5 Footlongs&quot; in a week, Subway will be at the top of your mind when you are hungry and want to eat for like $5. Digital impressions are much easier to ignore, so you risk overexposing your brand in order to get the desired effect across all consumers in the market.<p>Basically, if you have a $100 million advertising budget, you&#x27;re going to try to spend that in as few places as possible while getting the most bang for your buck. Digital is already a component of total ad spend for these guys, and they&#x27;re probably not going to increase digital ad spend significantly because most of them are already at the point of diminishing returns on their digital spend. There&#x27;s just too much inventory and not enough advertisers, so the pricing pressure in digital leads to a race to the bottom for publishers who don&#x27;t have other revenue streams.<p>My hypothesis is that this money will end up in two places: outdoor advertising (billboards, bus stops, etc.) and on actual content production. Why make an ad that nobody wants to watch when you can hire RoosterTeeth or PewDiePie to make entertaining content that prominently features your products? The problem for the advertising platforms is that this money bypasses them completely and ends up in the hands of the production houses.<p>Not to say that digital advertising won&#x27;t continue to be a component of total marketing spend -- it will be, and in a big way. But not to the same level that TV is today, because the power in the relationship has switched. Digital ads aren&#x27;t a limited commodity like TV ads are - you can only show so many 30 second spots during the Super Bowl. That means advertisers can apply significant downward pressure on pricing, which is much harder for them to do when there is a limited supply of ad inventory that has to be sold in large chunks.<p>All of this leads to a situation where the publishers have less of a monopoly, and thus less ability to dictate pricing. Which means prices will go down until margins hit commodity levels (3-5% above cost).