Reading the BBC’s annual report, released on Tuesday, one would think that the main challenges for the corporation were foul-mouthed presenters making prank calls and the high pay of its leadership. Broadcasting standards and salaries are important, but they distract from a bigger issue: the current public service broadcasting model is dying.

The old world was simple. The BBC produced high-quality programming, paid for by the TV licence – as it still does. Meanwhile, commercial broadcasters served up public service programming in return for cheap spectrum and a relatively free hand over the rest of their schedules.