Has social media turned life into a worldwide living room?

Time magazine has an interesting take on new media by . Calling the Internet our "new living room," he maintains that social media can offer sort of a multiplier effect for viewership of big network TV events. After pointing out the high ratings for the Oscar telecast and the Super Bowl, he calls on television -- and print -- to recognize that we are using social media in a different way. He doesn't offer specific suggestions as to how to do that (and several come to mind just sitting here), but suggests that old media needs to recognize the potential. As he suggests, they need to "pull up a chair" in this worldwide living room.