That seems to be the case according to multiple research (which sure, was ultimately probably funded by those selling TV advertising, but still). From Advertising Age:
A seven-figure ethnographic study due to be released next month by the Nielsen Co.-funded Council for Research Excellence from research firm Sequent and the Center for Media Design at Ball State University appears set to punctuate that point, finding that TV remains the dominant medium even for reaching youth, despite the inroads of digital and social media, according to a person familiar with the research.
If time shifting, ad skipping or clutter really were rendering TV less effective, then it should show up in marketing-mix analyses that have been done since the early 1990s as a lower average sales lift per gross rating point over time.
It doesn’t, according to Media Marketing Assessment (MMA), a unit of Aegis Group’s Synovate. “We haven’t seen a significant trend in the erosion of effectiveness of TV,” said Douglas Brooks, senior VP of MMA. In fact, MMA, which reports to clients each year on its findings regarding aggregate TV effectiveness, has seen a slight uptick in effectiveness in recent years. – read the full story on Adage.com