One of the biggest casualties of the pandemic was television advertising, as big marketers shifted money from TV commercials to social media apps like Snap and Facebook. But even assuming the pandemic ends this year with widespread vaccination, I predict TV advertising in 2021 won’t regain all it lost.

In fact, the pandemic will end up having accelerated the long-anticipated shift away from TV advertising to digital. Long term, this shift is likely to speed the disappearance of many old-style TV channels and further consolidation among traditional TV companies like ViacomCBS, Discovery, NBCUniversal and Fox Corp. as well as broadcast TV owners like Nexstar Media Group and Sinclair Broadcast Group.