As the upfronts roll out this week in New York City, television networks are facing new challenges: prime time ratings for major broadcasters have been dropping, ad spending is increasingly turning to cable, original programming from the likes of Amazon and Netflix are creating more competition, government regulators are seeking changes to spectrum allocation, and startups like Aereo may impact the subscription revenue of stations.

“The many pressures bearing down on the industry are casting a shadow over this week’s upfronts, an annual tradition in New York in which the new sitcoms, dramas and reality shows are previewed at splashy, open-bar events and the networks try to capture their portion of an estimated $9 billion in advertising commitments,” reports The New York Times.

“The networks are getting picked at from every direction,” said Jessica Reif Cohen, senior media analyst at Bank of America Merrill Lynch. “This year was the tipping point… when the television ratings really fell apart.”

The many changes resulting from digital media are expected to continue impacting how advertising dollars are spent. While consumers turn to a wider array of platforms to access their media, the industry may need to find different ways of looking at traditional business models. The era of 50 million Americans tuning in to “I Love Lucy” at the same time, for example, seems to have ended.

“Goldman Sachs found last month that broadcast ratings in the 18-to-49-year-old demographic, the one most coveted by advertisers, fell by 17 percent in the winter months compared with last winter,” notes the article. “Goldman Sachs called it ‘the sharpest pace on record.'”

While broadcast networks are fortunate to get five million viewers for a show these days, cable channels are experiencing record highs, with programs such as AMC’s “The Walking Dead” sometimes beating network television ratings.