Replacement is evaluated just at the quantity level. This ratio needs to be calculated based on each business model category and geographic coverage, for each ownership type.
This measure misses out on the dynamics of an industry that may be useful.
Alternative measures should also be considered such as the growth rates, the failure or exit rates, and the entry rates. These will allow distinguishing between markets that have similar growth rates but one is relatively static with few new channels and few failed channels and one which has many failures but also many new channels being developed to replace the failed channels.