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For people on the internet, the internet seems like a mainstream media outlet, but in terms of the population as a whole, it's still not at mass market level. The intellectual level of internet ads tends to be much higher than that which appeals to the general population. And the same is true for the users themselves.
Example: the democratic party in Massachusetts has a new internet ad out--slamming our governor Romney (www.massdems.org--it's hilarious!) It's the second in a series, but I can't imagine it ever getting television play. It's too slick, smart, and subtle. I don't see TV really being threatened by it.
The This land is your land one was brilliant in that it combined good ol' Americana with high level satire, but I still wonder if everyone completely got the foolishness and ironies of it.
Basically, take a look at the Dean campaign. Dean won in Dean's medium. But it didn't quite get to the mainstream, and that was a problem. Right now, that's still a problem with internet ads in general, and I think it'll take a while for it to really influence the mass television media.
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