Have advertisers really been asking for alternatives to traditional media? Or just a reversion to very traditional media where people can't ignore their ads with DVR? If advertisers really wanted an alternative, why wouldn't they have been all over web video, or even pioneering it as a better way to reach their customers? I guess some have, but in those cases they control the content. It's not a pairing of advertiser and independent content provider.

My uninformed take is that advertisers aren't web shy, they just can't justify paying the costs of these web shows when the return on investment is so low. Having a loyal audience isn't enough, you need a large one.

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