Pay TV lose subscribers to online destinations

So you're tired of paying hefty cable bills for your pay TV options? Join the crowd - supposedly everyone is feeling the pinch in this economy as loads of subscribers are abandoning cable TV for watching TV online. The movement has been gaining steam but it's not yet a tipping point for the cable industry as is still controls content from playing online.

The subscription television industry—including cable, satellite and telecommunications companies—suffered its first drop in total subscribers in the second quarter, according to research firm SNL Kagan.

The firm cited the weak U.S. economy as the main culprit for the decline, along with the aftereffects of the government-mandated transition to a digital broadcast spectrum. The stumble comes at a fragile time for the TV business as it navigates the transition to digital media.

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