Free, ad-supported, linear television is the oldest business model in broadcasting. What FAST changed is everything around it. Pluto TV proved the shape in 2014 by arranging internet video into channels with a guide, and by 2019 Viacom thought enough of the result to buy the company. The television manufacturers then built the model straight into their sets: Samsung TV Plus, LG Channels and The Roku Channel now sit one button away from the HDMI inputs, stocked with hundreds of channels nobody pays a cable bill for.
The reason the model came back is that streaming removed the two costs that made broadcast a club. Distribution used to mean spectrum, transponder leases or carriage on a cable system, each a scarce thing controlled by somebody else. Delivery over the internet is none of those. And the audience arrived on its own: smart TVs made a streamed channel land in the living room, on the big screen, exactly where a broadcast channel would have.
What did not change is the viewer's side of the bargain. A schedule someone else curates, free of charge, with ad breaks as the price. Decades of habit turn out to transfer intact: put a guide in front of people and they lean back and watch what is on.