I am not sure why anyone watches the news anymore. There are just so many better places to get information from.
Last night, while I was watching a TV show, a commercial for the 10:00 news came on. The headline/teaser was, "Earthquake in southern California, details at 10:00". Not really much of a teaser, since I had already read about all of the details of the earthquake a few hours earlier online. They were just confirming to me that they had nothing to tell me and I had no reason to tune in.
With all of the digital technologies we have, information travels instantly. There is no waiting until 10:00pm for the story. When the plane crashed in the Hudson river a year or so ago, within seconds, someone had taken a picture with a cellphone and posted it on Twitter. Digital moves fast.
I am sure there are many people who still like to consume info in the 10:00 news format. Its the way they always have. Its habit and they like it. But as there are less and less of those people, the 10:00 news format will have to change and reinvent itself. If it doesn't its dead.