AT&T, Comcast and Charter lost almost 1.25 million television and video subscribers between them in the United States in the second quarter. Yet they appear unperturbed. They do not appear to be losing money. What they lose on the traditional television subscriber swings they gain on the broadband roundabouts, which tend to be more profitable. Customer relationships are bundles of revenue generating units, but is that the best way to think about providing a media and entertainment experience?