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It's in large part financial. The audience level will decline over time, but the very low comparative cost of production will not and that will prolong the life of reality TV well beyond what it would otherwise have been. It is also the higher cost of production that leads scripted shows to be cancelled so quickly, often before they even have a chance. Whether Cheers would have survived its opening season today is highly doubtful. I personally can't stand reality TV and watch none of it. And that means I watch less TV - and devote more time to ST and the like.
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