The media sector lost about 10% of its stock-market value last week, as cable companies reported losing roughly 250,000 pay-TV video subscribers during the second quarter.

But investors are overreacting, says Nomura media analyst Anthony DiClemente.

The loss in cable subscribers was relatively modest and nothing new, in his view. What’s more, he believes the notion of a cord-cutting trend is off-base. Subscriber declines aren’t gaining speed, and that when factoring in growing online video distributions, or OVD, overall subscriber numbers may actually be increasing, he added.

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“It was only this week that cord-cutting fears began to truly shake the market’s confidence,” DiClemente said. “The biggest surprise to us was that this ‘small subscriber losses’ commentary was such a big surprise to the market. Our take is that the market has largely overreacted, as we do not believe the panic in the marketplace is proportionate to the quantitative evidence of underlying trends.”

The additions of online bundles like DISH Network Corp.’s DISH, -3.41% Sling TV, Sony Corp.’s SNE, -0.87% Playstation Vue and the multitude of other services springing up from media companies that offer consumers a smaller selection of networks have helped offset subscriber losses. For the second quarter, the media industry saw a net gain of 34,000 subscribers including OVD, according to data gathered by Nomura.

What will happen now is the industry will likely see more networks and brands follow in Time Warner Inc.’s US:TWX HBO Now footsteps, according to Wedbush analyst James Dix.

HBO Now was the top-grossing entertainment app on iTunes in both May and June and recently extended distribution to other platforms. However, it hasn’t yet done much for subscriber revenue, and HBO told investors during its earnings call earlier this month that the recently launched HBO Now isn’t yet profitable.

Dix said in a recent note that the “TV app” could be the path to cord-cutting, with The Walt Disney Co. DIS, -2.50% and Time Warner leading the charge.

“In the TV app scenario, about which we have heard previously from other hitters in the media world, the consumer offering would be built around a handful of powerful brands which could support separate offerings,” Dix said.

DiClemente said he expects the industry to continue to move forward with more direct-to-consumer products. Dix and DiClemente pin Apple Inc. AAPL, +3.03% as a likely partner for media companies in the future, like HBO did. Dix has Disney’s ESPN as a well-positioned mover.

“Though Disney might suffer a near-term drop in EBITDA growth by altering its carriage contracts to permit a separate offering of Disney channels—including the ESPN bouquet for sports—the long-term gain could be worth the risk,” Dix said in a note. “Disney’s connections to Apple could facilitate such a move.”