Nielsen cannot release its February Gauge report because streamers are pressuring it to delay data showing audience declines.

The upfronts are weeks away and the industry does not have reliable data on where audiences actually are. Meanwhile, as Jason Zada recently highlighted in an essay, brands like Gap and AB InBev are building their own entertainment studios and original IP.

Streaming is only recapturing two-thirds of the ad dollars leaving linear TV.

The advertising dollars leaving the traditional value chain may not land at YouTube or Netflix—they may leave the system entirely.