I don't like saying this, but I assume most television stations in markets 100 and below will cease operations permanently by the 2030s.
While looking ahead by 8 years is hazardous, I can give some insight into what goes on outside the top 100 markets. I am in market 132, and it is geographically isolated so outside signals do not penetrate, even with big outside antennas.
The local TV operators make over half of their income off carriage fees from cable. And the big attraction is local news and live sports, both on the ABC/CBS/NBC affiliates and the Telemundo and Univision affiliates. The local newspaper is now terrible, with no real offices and printing done 300 miles away.
As long as there is interest in local news and there is no strong web-only news provider, the local TV stations will do well. And as long as there is syndication material that allows those not spending on many streaming services, the stations will do well.
Nearly a third of homes here do not have wired services, cable or web. So they are dependent on OTA TV. Of course, we may see the government subsidize internet connectivity, which would be a game changer. But for the moment, with great changes in subscription services due to inflation, OTA TV looks viable.
They are losing revenue, losing audiences, and with networks advocating for Disney+/Hulu/Peacock/Paramount+, the OTA TV station becomes as dead as the Pony Express, the VHS tape, and the 8-track. Many have consolidated by converting a full-power station into a multi-subchannel station (the DT1 being Dabl, or H&I, or something else), moving the Big 4 affiliate to a DT2 on another station.
Our local operators have added secondary channels with the usual offerings of shopping, old 60's and 70's shows and the like. That allows them to add advertising packages that are appealing to local merchants.
WNBC NYC will be able to afford a full schedule of newscasts and local programming (+ a few NBC programs and live sports simulcasted on Peacock). But will KECI in Missoula? KRBC in Abilene? KALB in Alexandria?
Our local operators make huge money on local news, with the leading ones having 3 1/2 to 4 hours daily of local news plus inserts into the network morning shows. Local advertisers are on waiting lists to be in the early news, noon hour, the two half hours surrounding network news and the 11 PM half hour plus the post-night-show rerun of the 11 PM news.
I have cousins in their early 30s who watch EVERYTHING on streaming. They binge-watch Gordon Ramsey's shows on Pluto TV, for example. To them, what's a "KIMA"?
In addition, more and more children are watching cartoons and educational shows on apps and not linear cable TV or PBS. Why bother watching Nick, waiting for the umpteenth SpongeBob episode where Plankton fails to find the Secret Krabby Patty Formula, when a 7-year-old can punch it in on Netflix or whatever OTT service streams SpongeBob?
The key shows are not kids (no local money at all) but news, local sports and the first run syndicated shows no yet on cable or streams such as the court, cooking and news based talk shows. And, of course, the first run game shows.
I now live in a generation where K-2 students are learning basic CODING in elementary school, and many 5th/6th graders know advanced Python code. This is a completely different generation of kids than those born in the '80s and '90s.
And I was in a school where French was obligatory. At a class reunion, I said something in French and not a single one of my classmates knew a word.
Having a class... any class... does not mean a life-long skill. I doubt any of my classmates could do trig, distinguish between sine and cosine or to multiple variable equations; they have not needed those skills for 50 years.
It will be interesting to see what happens to the home television in the next 5-10 years. Will my local 'stations' even exist by 8/31/2032?
You are forgetting the huge percentage of households where making the money last till the 30's of the month is a skill and a challenge. And we are seeing more and more people in that class, particularly with estimates that show over 20,000,000 undocumented immigrants, most with less than a 6th grade education... and over 2 million a year arriving now.