Traditional television (TV) has evolved into smart TV in terms of both hardware and software. However, compared with smart phones and tablet PCs, which are huge successes in the market, smart TV has grown more slowly than the market expected and has not really changed the TV market. In this study, we investigate reasons for the failure of smart TV from consumer perspectives. We use conjoint analysis to collect stated preference data from consumers. Our analysis consists of two parts: analyzing consumer preferences for six attributes of smart TVs and examining the effects of socio-demographic and behavioral information on purchase intention for a smart TV. Based on the estimation results from the first part, we find that consumers set a higher value on the traditional characteristics of TV than on the functions of smart TV. Thus, smart TV does not have key functions to encourage its adoption over traditional TV. From the second part of our analysis, we identify which factor is most important to increase purchase intention for a smart TV. Based on our results, we can suggest the direction of market strategies about how to cross the chasm of smart TV.