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There's plenty of content to keep the tubes in business. But what will also happen is downward pressure on content prices (among other goods and services within the industry) so they will be able to pick up content from the desperate providers remaining for pennies on the dollar.
No matter what there will always be some content that the tubes can't get because it is exclusive and the owners diligently protect their property. These are the ones who will best be able to weather the tubes provided they are able to keep traffic too.
BTW, same downward pressure will happen to traffic too. As conversions get worse in general the value of 1k premium traffic goes down fast. The destruction caused is considerable within the industry though most don't realize they too will be hurt. Affiliate reps, traffic brokers, domainers, content providers, programmers, affiliates, payment processors, etc. ALL will be hurt.
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