Is digital media the new price promotion

Is digital media the new price promotion ?
I just heard a marketing mix modeller say that every project he has done in recent years has resulted in the conclusion that the advertiser should move some money out of TV and into digital (i.e. banner ads, social media).
Now marketing mix modellers have been telling clients similar (brand damaging) things for a long while about price promotions, i.e. take money out of TV and spend it in-store. Is this another chapter?