Why should a viral video of a giggling mom in a Chewbacca mask frighten television executives? Because digital video is encroaching on traditional television’s biggest and last remaining advantage: the mass audience.

With more than 155 million views and counting, the four-minute Facebook video of “Chewbacca Mom” Candace Payne cracking herself up in her car while donning a mask of the Star Wars Wookiee might even eclipse the total U.S. viewership of the London 2012 Olympics, one of TV’s most watched sporting events. But while NBC made just a small profit on the games, after shelling out more than $1 billion for the right to air them, Facebook will scoop up 45% of ad revenue associated with Payne’s delightfully goofy viral hit—and the company didn’t spend a penny to produce it.

Digital video is delivering superior results in the areas that advertisers care about most, such as targeting, engagement and measurement. And while digital ad spending still doesn’t approach the total spent on broadcast commercials, major brands are shifting their advertising dollars away from TV faster than most people realize. In a brief that I wrote with my colleague Danny Hong last year, we discuss findings from a recent Bain study, which show that fewer marketers consider TV to be among their top five advertising channels—the first time that has ever happened.