I notice there is no shortage of recording companies. In fact I can’t think of a single one that went out of business.
Cable TV will adapt to changes in the marketplace. And the content providers will adapt as well. The most reliable delivery method for the content people watch is via a wire into the home - your cell phone probably can’t deliver the bandwidth needed on a consistent basis to replace that wire.
So who one buys the content from will change, but it is doubtful that you will pay someone else for that wire into your home. HFC Cable plants can and do deliver 50 megs per second - that will stream an awful lot of content. So instead of a cable company paying for TV shows then charging the consumer they will just charge you for the required bandwidth to get those shows to your home via IP delivery. So instead of paying the cable company 125 bucks for TV you will pay 60 bucks for 30 megs per second, then buy your content direct from the creator. The Cable company will not lose any money.
And all those shows on Netflix - when the cable companies stop paying ABC for content, ABC won’t get by with less money - they will start charging Netflix more - which will of course pass those charges on to the consumer.
So when all these wonderful changes happen and everyone gets to cut their cable TV feed everyone will be paying relatively MORE for the same viewing that they have today.
Considering that the $55 I was paying for cable TV service was cut and replaced with $8 for Netflix and the rest I get for free as I have a PC that I built cabled into my home theater, I’m still way ahead. But I wish the cable industry and it’s networks the best of luck. I’m sure they still have lots of people who love paying for a science fiction channel that plays professional wrestling, 5 McHistory channels that take turns playing the same programs reminding us that the US won WWII and a smattering of faked “reality” tv shows.