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Despite all that brain-sprayingly awesome news, the lords of television are having second thoughts about this whole disruption thing. The loudly noted woes of the entertainment industry aside, TV still generates more than $70 billion in advertising revenue annually.

More than two-thirds of smartphone and tablet users haven’t downloaded their pay-TV provider’s app, and nearly three-quarters never buy movies to watch from the VOD service.

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.

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).

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.

or Internet-based TV to be a competitive option, it either needs to be cheaper than cable and satellite or it needs to provide the content that subscribers want in a better way.

For the companies still working on Web TV, it would mean charging less than traditional competitors for a service while paying more than traditional competitors to offer it.

for a Web TV offering to be truly Web TV, it would need to offer all the channels consumers want alongside the "over-the-top" video capabilities like Netflix and Hulu that they associate with Internet viewing.

A key motivation for Amazon is boosting its Prime membership rolls, which may be bolstered by a set-top box.

Streaming video has been an increasing focus for Amazon, which has been racing to distinguish itself from rivals Netflix, Hulu LLC and others with exclusive content deals and a slate of television pilots that are set to become available starting later this year.

Based on the dizzying array of free and paid apps available on Roku devices--from the Yachting Channel to YogaGlo to Trigger Talk TV for gun enthusiasts—it is easy to imagine potential e-commerce tie-ins on an Amazon device.

A new report by Magid Advisors surveyed 2,400 consumers and found that cord cutting is not only on the rise, but it's happening much quicker than industry watchers anticipated.

When asked the reasons why they would consider canceling pay TV service, 77 percent of very likely cord cutters cited over-the-top video as a key factor. Half of respondents said they were satisfied with online streaming options like Netflix and Hulu, while 30 percent said pay TV was too expensive.

90% of those who see TV show-related tweets have taken “immediate action” -- either to watch a particular TV, search for related information, or share content.

the research says of those exposed to TV-related tweets, 77% have watched TV show content; 42% have made a plan to watch the show later; 38% have watched episodes online; and 33% have changed the channel to watch the show.

76% have done searches for a show and 78% has clicked on a show’s hashtag or followed a talent’s handle or retweet TV-related tweets.

it could one day cost consumers more to get the content that they want than by buying cable.

Once people start to choose from a sea of content, they reach a point of exhaustion. They eventually end up cutting back services, said James McQuivey, leading analyst tracking the development of digital disruption at Forrester Research.