[Chart] Drop in Pay TV: recession or cord-cutters?

chart-of-the-day-us-multichannel-subscriber-trends-2009-2010

It is the first time ever that Pay TV loses subscribers quarter on a quarter, as the Business Insider chart shows.

A previous post on “spotting disruption before it happens” shows the 3 phases that can be spotted before a disruption actually occurs, exemplified with the postal service.

A lot have been said about how Internet TV offers like Hulu can lure people to cut the cord and drop their Pay-TV subscriptions. Still data so far only showed that Pay-TV rather than declining was actually growing. Up to Q2 2010. For the first time ever, Pay-TV loses subscribers. Does it resemble the 3-phase pattern of the postal service fall?

Is the drop just due to the recession? or are the cord-cutters finally here?