“Yes, There Are Homes That Are Cutting the Cord.”

The growth rate remains below the level of even anemic new household formation, suggesting that penetration is falling even as the Pay TV subscriber base is still growing. And that, in turn, suggests that yes, there are homes that are cutting the cord. Whether they are doing so because of online video options (as the technology press would have it) or poverty/affordability (as we would argue) is unclear.

— Bernstein analyst Craig Moffett in a research note today, analyzing the next-to-no-growth of the pay-TV business