Online advertising doesn't compete against traditional broadcast advertising on a level playing field. You can directly measure a lot of the effectiveness of an

Online advertising doesn't compete against traditional broadcast advertising on a level playing field. You can directly measure a lot of the effectiveness of an online ad. That's much harder to do with traditional ads, so everyone uses statistical models for pricing. Except those models are probably mostly garbage. Likely online advertising meets or exceeds the actual performance of traditional ads, but people have yet to admit out loud that the emperor has no clothes. That's only a matter of time though, and the result won't be any different than the current reality: to maintain the production levels people are used to, business models are going to have to change, whether it's subscriptions like Hulu is going for, or something else entirely.