YouTube's hyperactive six year old Fred just drew 7.6 millions viewers for a TV movie on Nickelodeon, making him the #1 tv movie for kids 2-11 this year. Some people were surprised. Like duh. He's been drawing millions and millions of viewers on YouTube for the past several years.
The world of the VideoOS, where i can get all my content on any device at any time, is going to need terminology changes in order to stay relevant. New content creators, new formats, new devices will make words like "tv show" less relevant. When Fred's next episode is seen by 10 million viewers - 5 million on GoogleTV, 4 million on a laptop and 1 million on mobile phones - what do you call it? A webisode? A tv show? Doesn't matter. What you call it is "AUDIENCE" and this increasingly is going to be what advertisers target independent of delivery hardware. The business model will follow the content to the viewer.