Advertisers and network operators shat their beds and this is direct consequence of their greed. How greedy must you be to CHARGE $100/mo and then FORCE people to sit through 15 minutes of commercial per hour all while providing the worst possible customer service? Consumers, on the whole, are not stupid and will move away from business and practices that are not consumer friendly.
At least initially, people moved to Netflix not because they had tons of good content, but because it was cheap and without ads. Now Netflix grew into viable challenger to established networks, in another couple years networks will start going out of business as subscriber loss keep accelerating.