For many, the big issue around YouTube is its lack of social media component. As a result, many publishers are flocking to the likes of Facebook, Instagram, and Snapchat for their video needs. YouTube does have young rising stars that generate big audiences -- where millennials show up. At the same time, those same young viewers aren't really interested in seeking professionally produced videos from big media brands.

When I started covering television, there was still only one form of it -- linear, and primarily over-the-air -- and only one trade association representing it, the Television Bureau of Advertising. Then Bob Alter created the Cabletelevision Advertising Bureau in 1980, and the great hyper-fragmentation of the medium began. In the years since Alter demonstrated how successful a powerful research-based lobbying group could be at fragmenting the way Madison Avenue thought about, planned and bought television, the medium has continued to hyperfragment -- in every which direction -- but no entity has emerged to organize it.