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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.

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.

sports (31%) and reality (17%) are the primary genres generating social TV buzz, combining to account for about half of social TV conversations between January 1 and November 30 2012.

The CTAM study also finds that viewers are more likely to talk about shows the next day or after (83%) or right after the show (75%). (The study was not limited to social media conversations.)

NBC was easily the most engaging network of the year, with the Olympics a big reason why.