The "TV vs. On-Demand" comparison (if that was what Mr. Graham was referring) is less an issue now. I propose that what few saw then as a problem, is a looming one now. In other words, it's not so much "TV vs. Streaming/On-demand/digital/or whatever." It's that the old players, "TV", are now positioning (and are by far in the lead) to control the digital streaming of video from the internet.
Huge, deep pocket, long established trades, corporations, and/or markets are not supposed to gain control of emerging trades and markets. That is for new business to handle, and by which new business come into their own. (by advantage of being more lean, fast, knowledgeable about new tech/markets, better in-tune, etc) So that eventually the greatest of those new business's themselves become dinosaurs and are so replaced. This way business, knowledge, and technology progress.
Not to say that a "dinosaur" could not have this effect. Just less likely, and the likelihood I suspect will mathematically decay over time. (as the corporation becomes larger and less agile)