dave

Studio supported shows online do have a future.
First the CPM's for online shows are higher than that of TV shows and will probably get even higher as ads are able to become more targeted. An advertiser will pay more when they are one of 4 ads in a program and an advertiser will pay more when they know their audience is interested in their product.
Second, ads can be attached to clips. 15 seconds of ads for a 30 second clip is a good ratio, especially if the clip was produced as part of a larger program that is also getting ad revenue.
Third, Online video, assuming the rights can be worked out, can reach a global audience much easier. 300 million Americans versus over 6 billion earthlings. You do the math. The only thing content producers would have to take care of is translation; distribution is a non-issue.
Fourth. Old content will continue to produce revenue as long as its online, basically forever. A viewer can blow a day watching an entire season of Arrested Development, content that would just be collecting dust otherwise.

Online video does have a future, if the content producers are smart about it.