As Eilieen Meehan (1990) has suggested, despite the myth of popular choice that surrounds them, the Nielsen ratings reflect only a narrowly chosen segment of the television audience--a "commodity audience"--which can be sold to national advertisers and networks, but which reflects neither mass taste nor the taste of an intellectual elite.
Given the current diversity of channels (in the broader sense, not just "television channel") compared to "the big three" era (poor PBS, never counted), this approach won't work. Is it Nielsen's current approach? I don't know. But it's food for thought.