• by Lydia Loizides , Op-Ed Contributor, September 26, 2008

Coming off of what is possibly the worst prime-time Emmy show (at least according to the critics and the ratings), a week of a political and financial roller-coaster rides that will likely leave the local television industry in the proverbial toilet, I find it hard to focus on the upside. The only highlight of my week was watching David Letterman take McCain and his campaign to task the way only Letterman can.

That said, what I find even more disconcerting is that as we move head-long into what I would lovingly term the recession of television, the grumblings are getting louder and louder about over-valuation of both television and online video CPM.

How much more can one industry take?

With capital markets all but dry, budgets, née, entire companies disappearing from the revenue stream and the fall lineup launching during the most daunting economic crisis since the Depression, I pose this very simple question: Where do we go from here?

Is it really the "triple-play" of content? Is it back to independent productions or tentpole franchise? How will consumer spending impact the efficacy, reach and ROI of ad dollars? What does that mean for mainstream media? Digital media?

Everyone has an opinion, people, so let's hear it. Frankly, I am finding it harder and harder to see the silver lining through the snowy screen.