Here is a question from a recent symposium:
People spend 4 hours per week watching sports and 40 listening to music. But the music industry is one sixth the size of the sports industry. Why?
No time-shifting for live contests, much less piracy, less substitutability (there is only one Super Bowl), and greater indivisibility of product would be the beginnings of an answer. The source is here, hat tip goes to Ted Gioia.