Advertising budgets are bleeding out of television, but that's not necessarily because of a shift to digital media, Pivotal Research reports.
Rather, the traditional marketing giants that have largely fueled the TV ad market for decades are cutting spending in general.
Declining ratings mean TV is starting to suffer from a growing "negative sentiment" among marketers that don't want to look as if they are throwing away money.
Spending on TV advertising dropped considerably during the third quarter of 2017.
That alone probably won't surprise you if you've been reading about cord cutting and DVR-ing and how people are generally unable to look up from their phones.
But the latest drop in TV ad spending is not due to broader technology-driven shifts in media consumption or marketers moving their ad budgets to the web.