Broadcast television gave anyone the ability to watch TV. Since anyone could watch, the business model became advertising. With advertising, you want to maximize the number of eyeballs you can get which lead to lowest common denominator content or broadcast TV

With the above dynamics in mind, we believe that there is going to be tremendous near-term innovation in the pay TV distribution business. The internet has made it possible for new entrants to innovate quickly and materially. Consumers will have more choice and convenience going forward. This competition will drive prices and margins down in pay TV... See more