Traditional TV spot advertising has been living on borrowed time and a major correction will occur within the next year, as about $220 billion in ad revenue shifts online. This will be driven by a combination of factors amounting to a perfect storm for pay TV operators, particularly in the US, according to the latest report from our research arm Rethink TV, titled The Year of TV living Dangerously – How traditional TV advertising value collapses. We see this not so much as a bubble about to burst as it has not been inflating that fast, but more as a boil that must be lanced by the advertising industry to reach the promised land of digital. This does not mean…