When, if ever, will internet consumption overtake TV? It could happen in Europe as soon as early summer. That’s the word from Microsoft in a report yesterday that predicts by June European internet consumption will reach 14.2 hours per week compared to 11.5 hours for TV. But the TV networks shouldn’t be in a panic just yet. Microsoft notes that the numbers don’t signify a decline in TV viewing but simply a shift in how it’s consumed. More and more people are now watching online. The software giant says that 28 percent of Europeans and more than 300 million people worldwide regularly watch short or full-length video content on the web. Overall, Microsoft says nearly half, 48.9 percent, of Europeans have an internet connection, with a big difference between countries in Northern and Southern Europe. Nordic countries have a reported internet penetration rate of 76 percent, while that number is just 45 percent in Southern Europe.