Good analysis from Martino - seems that he has a point VoD (most likely to be delivered via IP) might be a bigger and much better targeted advertising market:

"In the other camp, new non-linear inventories will be created by video on demand (VOD) and internet protocol television (IPTV). What is interesting is that, instead of being a mass medium like traditional television, it will have more of the characteristics of the highly targeted Internet. It would not surprise me to see VOD advertising grow from almost nothing today to $19 billion by the end of the decade. (read this analysis). Don't believe me? Then read Bob Garfield's Chaos Scenario in AdAge. Or Accenture's recent report predicting that ad-skipping on traditional television could cost linear television $27 billion over the next five years."