>have a million channels to spin
Yes, *BUT*...
Not so now with with fragmentation of distribution even down at the user-eyeball level.
I think you misread my post. I was trying to say more or less what you're saying there. The fragmentation means there are a million channels to spin and that means that you have a direct pipeline to your core audience, because they're on your one-in-a-million channel that is targeted exactly to your people. But you are completely shut out from the rest of the world (except for when you get lucky) because they're all on their one-in-a-million channel that is targeted at something else.
Television for the time being still has only say a hundred channels to spin and there are broad audiences, but compared to the 1970s it's fragmented too. In 1980, say, there wasn't a lot you could say about someone based on whether they were an NBC or a CBS viewer. Now I can tell you a lot based on whether someone is an NBC viewer or an HBO viewer, for example.
In other words, it's not just that the influence of TV broadly speaking is losing the mass market, it's that already before even considering the other channels, TV is fragmented. The costs of producing TV shows and ads are high enough that you can't say it has become niche, but it is not exactly mass market in the way we used to understand that.
So I guess the overall point is that nothing inherits the market-making influence of TV. Even if the web goes away, TV of today is not the TV of 1980. And, of course, the web isn't going away.... only print newspapers are doing that.