The fragmentation of television audiences started years ago, as television viewing options began with three major networks, CBS, NBC, and ABC. As technology has evolved through the years, the number of viewing options for consumers have seemed immeasurable. The television viewing audience has fragmented into various levels and degrees, with people watching on a myriad of devices, at various times throughout the day, and with a changed appetite for on-demand content. This research seeks to explain how the television audience became fragmented and what that fragmentation means for future television and media leaders. By examining television audience fragmentation, the researcher strives to provide industry leaders with the insight and knowledge necessary to make the best business decisions possible moving forward. Through this study, the researcher compares the fragmentation of television audiences to the dot.com movement of the early 2000's and the housing market crash of the 2010's. The study aims to determine that the fragmentation of television audience exists, and that it is a problem that will affect the television viewing public and eventually the business side of the television industry. The researcher examines this hypothesis by designing and launching a survey targeted at and solicited to television professionals with presumed knowledge of television audience fragmentation. The researcher also interviews a media professor with knowledge specific to television audience fragmentation. This study also includes a review of the literature on television audiences, the history of television, and viewership measurement.