Much has been written about the ongoing writers strike. As a fan of (mostly quality) scripted dramas, I'm bracing for dearth of television this year.
Several of my regular shows were already slated to start mid year. Law & Order, Battlestar Galactica, and Lost all begin their seasons in 2008. Already, it appears Lost may cut the season short. And from what I had read previously, Lost had stockpiled more shows for the spring than most shows.
Marc Andreessen has a long post about how to Rebuild Hollywood in Silicon Valley's Image. This is an interesting read, but I think the part he doesn't discuss is advertising.
The growth of online advertising has been impressive so far. A prolonged writers strike will even further reduce the appeal of traditional TV advertising. With new shows limited to reality TV, people will spend more time online. The dollars will chase they eyeballs. If the strike goes on for very long, look for a banner year for online advertising in 2008.