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There is growing consensus that traditional media, particularly TV, need to learn lessons from this. "YouTube is beginning to behave like a market leader," noted Elisabeth Murdoch in her 2012 MacTaggart lecture. "Believe at your own risk that their platform is based on homemade videos of cats in washing machines… Brands and talent are using YouTube to create direct-to-consumer relationships. Michelle Phan is the world's most popular make-up expert with over 600 million views. Yes – that's equivalent to a global Olympic audience generated by a 22-year-old putting on Lady Gaga makeup."

I'm a professional. If you expect me to jump at the opportunity to do something for free, like you're doing me a solid? No." Perhaps the scariest part of that comment for the old media is that these twenty-somethings know Jamie Oliver best for his supermarket advertising.

Cable television offers hundreds of channels, while YouTube gives us potentially millions from a global pool. The second is that technology now provides more versatility for watching content from the internet. For copying the tips from a make-up video, you might choose to use a smartphone in the bathroom; you can watch vlogs in bed on a tablet; for longer, more stylised productions, you've still got the big screen.

Robbins, whose career has included producing TV shows Smallville and One Tree Hill, admitted that it's still much more profitable to have a popular TV show than a popular YouTube show, but sees that changing. "The advertising model is catching up very slowly. Right now TV is getting this much money, and YouTube is getting this much," said Robbins, with gestures to indicate huge and tiny ad revenues respectively.

That's one reason why DreamWorks bought AwesomenessTV so early in its growth. Robbins said the company plans to spend around $10m creating shows this year, from bigger projects like Side Effects to smaller videos designed for viral sharing.

"There's a handful of companies in Los Angeles right now who I think are going to be the next generation of cable networks,

YouTube is reportedly in talks with those same networks to stream TV through a paid service called Unplugged that could serve as a Web-based alternative to the cable box.

The moves highlight the massive shift taking place in the TV industry as networks seek to stanch the flow of cord cutters by looking at former adversaries in the tech world to help recapture audiences, particularly younger ones

The plan, which has reportedly been in the works since 2012, would package the four major TV networks with a smattering of cable offerings.

or all the video people watch on the web, it is still a tiny fraction of how much they watch on TV in terms of time spent. In a report put out yesterday on the State of the Media summarizing 2011 data, Nielsen estimates Americans spend an average of 32 hours and 47 minutes a week watching traditional TV. They only spend an average of 3 hours and 58 minutes a week on the Internet, and only 27 minutes a week watching video online. All those billions of videos watched online still only represent 1.4 percent of the time spent watching traditional TV.

Even on the web, there is a huge difference between the video sites which attract the biggest audiences and those which are the most engaging. The top 5 video sites by unique visitors are YouTube, Vevo, Yahoo, Facebook, and MSN. But the top 5 video sites by time spent are Netflix, YouTube, Tudou, Hulu, and Megavideo.

Viacom, for one, is actively using social media applications, such as a subscription-based app for MTV Europe and a soon-to-be-launched "Mon Nick Junior" application targeting preschoolers. It's also studying different demographics, particularly millennial and post-millennials, to glean ideas for additional multiscreen products.

SVOD providers are particularly problematic for broadcasters and their advertising partners, because they hurt ad supported television in a number of ways: Consumers with SVOD subscriptions replace time spent watching ad supported television with ad free SVOD watching With so much of online video viewing time spent watching ad free, those quality ad opportunities that are available are more expensive to buy Consumers get a decreased tolerance for advertising as they grow used to seeing content uninterrupted.

U.S. ad agencies spent 2% less on broadcast TV networks in the 4th quarter of 2014 and 16% less on national cable TV. The company also found that, if you exclude the Olympics, broadcast ad revenue would have declined 2% for the full year (it increased 4.1% when the Olympics are included.)

online originals are growing prodigiously and a good proportion of that inventory will provide advertising opportunities. For example, Alex Carloss, YouTube’s head of original programming, announced the site would be funding more original programming in the same way it did in 2012.

Boxee rebranded its box from Boxee TV to Boxee Cloud DVR and changed the services it offers.

“Our pitch to them is if we move the DVR to the cloud, we can do dynamic ad insertion, so instead of losing the ability to monetize that audience if they’re watching a week later or binge viewing if they’ve recorded the entire season, if you could serve fresh ads whenever somebody is watching it … that is a better way to monetize DVR.”

ed us to believe the future of TV is not apps, it’s the experience and the content.”

YuMe conducted a study that tracked how millennials consume media, finding that 13% watch video content on their smartphones while they work, while another 13% watch while they shop. In total, 94% of millennials are multitasking (and likely distracted) while viewing content.

Smartphones and tablets, not televisions, are the gateway to a millennial audience. Millennials recall brands at a much better rate when they're on mobile devices, and they think of the TV as old-fashioned. In fact, only 3.1% of millennials consider brands that advertise on TV as being "modern."

More than twice that number think of smartphone advertisers as having "modern" brands.

TV is still the biggest, commanding roughly $70 billion in annual advertising.

Nielsen reports that online video accounts for a small portion of time spent watching TV, just over 2%, even after including YouTube, Netflix, and Hulu.  

Facebook and Twitter have the same grand strategy to cut a slice of that $70 billion. Unike Netflix and Hulu, their plan isn’t to take attention away from TV, but rather to attract more attention to TV advertising.

Twitter is specifically about what is happening right now,” says Ron Amram, senior media director of Heineken USA, adding that Amplify has become Twitter’s most promising ad tool. “To allow a brand to have real-time ownership of a video that says, ‘This is what you need to know right now’ is pretty powerful.”

To attract more social media attention, “marketers are taking moments that would have been talked about at the water cooler and are allowing them to unfold live,” says Adam Bain, Twitter’s president of global revenue.

A division of 30 employees works with media companies to ensure that networks and their actors tweet during broadcasts and that Twitter hashtags and user names appear on the screen

Yahoo’s multimedia blogging platform Tumblr is already co-operating with Viacom to offer advertising opportunities around top Viacom TV programming, such as the MTV Movie Awards. It also recently commissioned research into its social TV engagement, positioning it as a direct competitor to Twitter.

The Voice USA runs its social TV engagement across multiple other social networks and mobile apps, including Google+, Keek, Pinterest, Snapchat, Tumblr and YouTube, plus Facebook’s Instagram and Twitter’s Vine.

Twitter, Facebook, WeChat and Sony have all launched rival World Cup social TV services.

About 84% of cord-cutters are “at least somewhat happy with their decision,” while 37% said they’re so happy that they have no plans to ever return to a traditional pay-TV service,

17% of U.S. broadband subscribers surveyed say they once took a pay-TV service but have since left their provider, while 10% say they have never subscribed to pay-TV (the so-called “cord-nevers”), and 74% said they currently take a pay-TV service.

The median time spent each week by pay-TV subs using the service is 12.98 hours. Next is Internet subscription VOD (4.89 hours), free over-the-air TV (4.72 hours), free Internet video (3.49 hours), and owned digital movies and TV shows (3.12 hours).