Always good to get critical commentary, especially from someone with good knowledge of business & intimate familiarity with product, mistaTea. Yes, this is a business (sector) that still faces substantial uncertainty, including technological threats. Unfortunately, it also faces substantial idiosyncratic risk - especially wrt to capital deployment. On the other hand, on my viewing, many of the sector headwinds are abating, and may indeed be turning into tailwinds. Also, management are trustworthy, if nothing else (I believe). Finally, SKT is continuing its march to acquiring a stranglehold in NZ as the content consolidator of choice (ie the only game in town). I think this latter point is nothing to be sneezed at, and provides a substantial bulwark to threats/risks such as the one you cite in your last paragraph.
On balance, at current prices, I still think this is a very worthy holding.
(20min delay)