Flashback to 2006 when Google bought YouTube or $1.65 Billion. The impact since has been significant. How we consume videos has never been the same. Many other sites have come around attempting to duplicate the success or at the very least improve on the community's complaints.
Come back to the present... Google is buying Twitch.tv for $1 Billion+. Your grandparent's don't watch streaming content in general. You parent's might in the form of Netflix or AmazonPrime. The next generation expects streaming content, including other people playing games. Twitch.tv content already accounts for roughly 1.35% of North American downstream bandwidth. Built in streaming in the most recent generation of consoles points to even more soon.
What does this mean? Will Google force Google+ integration? Will this kill Twitch.tv as we know it as Google pushes the copyright problems into another platform? Twitch competitors are already popping up and I'd say the timing is ripe based on the internet's reaction to the acquisition.