Thank you for that.
I think there is, and the analogy I would draw is with the telephone network. A few years ago we heard that the telephone network was doomed; everyone was going to use voice over IP. They were going to make all their phone calls over the Internet. Sure enough, some companies like Skype and Vonage have nice businesses doing that. But the overwhelming majority of phone calls are still made over the phone network.
The reason, first of all, is that the phone network is a low-cost, efficient, high-quality way of making phone calls. Secondly, the phone companies have adapted by using Internet technology without using the Internet.
I think the same analogy applies to TV. If the cable television companies and the broadcasters adapt to the new digital technologies, they will keep a lot of eyeballs glued to the TV because it's a better viewing experience. If they modernize their networks they can stay in the game.