“For the better part of 15 years, pundits have predicted that cord cutting was the future,” MoffetNathanson states in a research note released Wednesday. “Well, the future has arrived.”

Analysis from the firm points out that the first quarter is often strong for pay TV, but so far with a majority of earnings reports from operators in for Q1 2017, the results have been downright poor. According to MoffetNathanson data, it was the worst-ever quarter sub loss, at an estimated 762,000 subscribers, which is more than five times as many as last year’s losses of 141,000.

“Those who called for cord cutting 15 years ago were obviously very, very early. The industry proved far more resilient than almost anyone would have expected,” the research note says. “The pay TV industry wasn’t very good at changing … so it resisted as long as it could. Well, the industry can’t resist anymore.”