Our MULTISCREEN INDEX has been tracking the slow leak of subscribers from the television system in North America. A report from Digital TV Research indicates that revenues peaked at $112 billion in 2015 and suggests that they will be down to $89 billion in 2020 and forecasts that will fall to $62 billion in 2025. That assumes that cable television revenue will fall by a fifth, satellite television revenue will reduce by a third, and telco television by nearly half over the next five years. We expect that some of that value may shift to online video subscriptions but some of it will move to fixed and mobile network access costs. It is not clear that consumers will end up paying any less.