A couple of quickies-
Analysts project IPTV (Internet delivered TV) will continue to grow at 20% a year through 2015. Cable will continue its transformation, losing 2.75 million subscribers for its TV services, but adding 7.8 million digital customers. More evidence of the rise of competition for traditional TV.
Analysts project Local TV Ad revenues to decline 10% this year. Local station revenues from online/digital activities will continue to grow, but will only make up a quarter of the loss from local advertising. Those same analysts think that local TV won't match last year's numbers until 2015, matching other research that has suggested that local TV won't pass its high of $22.8 billion (in 2006) for a while yet.
It seems that local television stations will face a difficult future, with declining audiences, added costs for programming, and a slowly growing local advertising market. On the positive side, it does look like local stations are developing alternative revenue streams that may eventually recoup losses.
Sources: "IMS Research: U.S. IPTV to see steady growth through 2015" Connected Planet
"2011 Forecast: Local TV Ad Revs Drop 10%, Digital Climbs," MediaDailyNews