Medium: The fanatics of online video are growing the pie.

A few weeks ago, I wrote about the impending unraveling of the TV industry. I claimed that content aggregators (Netflix, Hulu) and social networks (Snapchat*, Facebook), who are opening up new distribution channels for online video, will steal audiences away from the old media TV networks. I also claimed that a precipitous decline in audience will be catastrophic for these old media networks, which depend on a business model that scales with audience size as a power law. With $73B in ad spend to address, this transfer of wealth may represent the biggest opportunity in digital media we’ve ever seen.