That's an interesting quote, but Steve Jobs was describing an industry with very little competition beyond its set format at the time. Look at the TV industry now: It's been declining for years, mostly because of rising prices and program line-ups that cater only to the lowest common denominator.

The internet media of today is a completely different industry from the television industry of the 1990's. Catering to the lowest common denominator isn't necessarily bad as long as it's not the only option. If, however, YouTube only monetizes crap and removes more thoughtful content, people will go elsewhere.