We are in niche consumption mode, but 'niche' doesn't mean 'small' anymore. Niche can mean focused, and particularly with the Web, which is a global audience you can have something niche and still get 10 to 15 million views.
In the '90s, you couldn't say the word 'nerd' to someone when pitching a show. They would have considered that too niche and wouldn't have listened.