Are Americans switching off the TV?

According to the latest Nielsen figures, more than 2.5 million fewer people have tuned in to the major four networks this spring than were watching in 2006. In fact, we're in the middle of TV's worst spring in recent history. Why? An early daylight savings time, frustrating "hiatuses" in the middle of seasons, and a temperate spring that has driven many toward outdoor activities. Pick an excuse, any excuse.

I'm of the opinion that prime-time television has rarely been better, so this trend shouldn't be a lack of quality programming. The Office, 30 Rock, and Entourage are especially smart and original comedies, Lost and Veronica Mars keep me hungry for more, and even American Idol has a magnetic power I simply cannot avoid.

Another (and I think a more compelling) theory is that the TV-viewing public has begun to dramatically change the way it watches TV. These forward-thinking viewers, however, are falling through the ratings cracks. Digital video recorders are becoming increasingly popular, but Nielsen only measures viewership if a recorded program is watched within 24 hours of its original air time. The ratings service also leaves out entirely those viewers who download shows on iTunes or stream an episode from a network web site.

Translation? The technology measuring what we're watching hasn't advanced to compensate for the new technology that makes it easier to catch more programs. Phew.

Beth Gaston Moon is an analyst at Schaeffer's Investment Research.