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That would be cool... and broadcasters should think about new advertising models, like inserting new, timely commercials into whatever old reruns you're watching. For that matter, a bit of metadata and Google adsense-ish alogrythms could automatically show commercials on each commercial break that relate directly to the previous scene. For example, dude in sitcom wakes up and brushes teeth... toothpaste ad follows. Next logical step, to out-wit the DVR commercial skipping, is to place mini ads directly on the screen while you're watching the show. Annoyng, but that's where the slope leads.
It's interesting that the Hollywood studios and networks are objecting based on "for-profit" redistribution of copyright material... ostensibly, this wouldn't stop a non-profit "digital co-operative" from forming. I wonder how many neighbours would have to combine their resources to buy the server space to house a rolling digital archive of stored television shows? And how large would they have to be before they received a wholesale satellite access rate, like unto a small-town cable provider?
Hmm... instead of dreaming of new services Cablevision can sell to us at a huge profit, maybe we might get those services faster and cheaper by forming non-profits ourselves.
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