Their research shows that Netflix users watch significantly less regular
television. For the first time in 2015, traditional TV will get less ad
dollars than the year before.

Money quote from Todd Juenger of Bernstein Research: “The ratings have just
disappeared. You have audiences leaving ad-supported television for
non-ad-supported television, and I don’t think that they are coming back.”

http://www.nytimes.com/2014/12/09/business/media/at-a-conference-research-shows-netflix-is-upending-tv-business.html

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