That's why this model can work fine for niche live events that few people want but not so much for mass market live broadcasts. It's this reason that you've got to caveat "TV Shows" vs "Live TV" when you make that statement.
"Shows" can be easily cached on CDNs much closer to each consumer. "Live" can't.
If anything, I'd see the major broadcast networks and ESPN continuing to get stronger, while everything else on TV gets weaker.
The only TV shows that people have to watch "live" are shows with a community built around them, ready to react and discuss it as it's happening (Walking Dead, Game of Thrones, etc). This is where movie audiences are similar because that opening weekend crowd for an anticipated movie tends to share the experience.
I honestly wish they'd bring back midnight showings instead of 7pm Thursday showings, because that midnight crowd energy is impossible to replicate.