In recent years, a lot of media and telecommunications executives dismissed the idea that Americans would stop subscribing to cable and satellite TV services. But the cord-cutting phenomenon can no longer be ignored.

American cable and satellite companies collectively lost more than 600,000 subscribers in the second quarter of this year, the biggest decline the industry has ever seen. Analysts expect the trend to accelerate as more people replace cable with Internet-based services like Netflix, HBO Now and Amazon, which are much cheaper than the traditional TV package offered by companies like Comcast and DirecTV.

On the whole, cutting the cord with cable should benefit consumers. It will help people save money and gain more control over their entertainment by allowing them to pay only for what they want to watch. Many Americans chafe at having to pay about $67 a month for dozens of TV channels they never use so they can watch a handful of shows. The price of cable and satellite TV service has roughly doubled over the last 20 years, rising about twice as fast as inflation, according to data from the Bureau of Labor Statistics.

That said, many people won’t want to cut the cord, while others simply won’t be able to, at least not completely. Families with children may want the broad selection of channels traditional cable TV packages offer. And most consumers will still need a high-speed Internet connection to use online services like Netflix. Although Americans now have more choices than ever for how they watch TV, about seven in 10 American households can only get broadband Internet service from one or two providers, usually cable and phone companies.