will improve due to more money and interest.
But chess has already had widespread media coverage for years, with the internet to boot. Getting rid of slower formats does nothing except get rid of the slower formats.
Again, there are plenty of people who love to watch blitz games (I do myself), so the interest is already there. I really don't see why slow chess should suffer as a result of this.
Lets be clear: people like chess. People like playing chess. People like watching chess. But, they don't want to play or watch a single chess game for 3-6 hrs. And I can understand why. They don't have time. And it becomes boring to play a single for that long, leave alone watching it. And chances of draw are exponentially high in a long format.
IM Greg Shahade is absolutely right. Slow chess should die a fast death. Infact, it would have been dead if it were not kept alive artificially by FIDE tournament rules. I say use rapid as FIDE main tournament and immediately you will see that 'classical chess' would be dead. And it would do much good to chess if this classical format dies. Chess would become more popular and richer and player quality will improve due to more money and interest.