Or it could be a lot of both. HBO certainly must see the writing on the wall for cable, but it would seem they're not being as aggressive as, say, Netflix in de

Or it could be a lot of both. HBO certainly must see the writing on the wall for cable, but it would seem they're not being as aggressive as, say, Netflix in deploying on-demand content. But they are positioning themselves. Why else provide online content only as a value-added proposition to full-price cable subscribers? HBO is obviously making moves towards this transition, but the numbers probably just aren't there yet to justify taking the full plunge. It looks to me like they're hedging their bets. Netflix's biggest challenge is content, right? When the time comes, I don't think that's going to be a problem for HBO. Or, maybe their C-levels are just bailing water on the old model. But I kinda doubt it.