I remember (from my visits using The Wayback Machine) when certain hit shows like MASH and Friends had their final episode, and people would gather at someone's house to watch together.
Then along came the DVR—Digital Video Recorder, the collective noun version of TiVO—and forevermore we were "time shifting"… recording shows and watching them whenever we wanted, as opposed to when the networks wanted. Media people wrung their hands and worried that this was the end of television advertising, since viewers now had the opportunity to fast-forward past the commercials.
Fast forward to the world of social media. People at an event are "live-tweeting", meaning you're getting a stream of messages that are directly or indirectly telling you what's happening at the event. So for instance, you didn't have to be watching or listening to know how the Stanford-Oklahoma State football game was going… Cheer, groan, cheer, etc.
And if they're not tweeting, they're using Facebook. Or texting. Or using any of a number of other commenting and sharing services. What's happening here is that the community that at one time would have gathered in someone's house, or a bar, or at the event itself, is now gathering in a virtual way. We're all watching, and social media gives us a way of staying connected and sharing the experience.
And here's where the traditional media people should pay attention. The trick is, you can only connect and share as the event is happening. If you recorded the Stanford-Oklahoma State game for later viewing, all this sharing is going to ruin the ending. And if you want to connect and share, you have to do it live. Which means you have to watch the commercials.
So if the traditional media people are on their game, they'll be creating all kinds of opportunities to share their shows, games, tournaments and so on as events.