It’s more than just the economy. So explains this analysis from the Baltimore Sun. But merely looking at dollars misses a critical point, as explained by George Gilder many years ago, arguing that differentiation in media would force broadcast into a downward spiral of vulgarity in order to try to keep some portion of the audience. Key point:
Television is not vulgar because people are vulgar, it is vulgar because people are similar in their prurient interests and sharply differentiated in their civilized concerns.