but craig moffat, who's been analyzing the industry for years, notes that the cord cutting and cord-neverillennials are actually often watching something very different. >> they're existing in an entertainment ecosystem that operates entirely outside of the pay tv system that we know today. it's content that's developed for 1/10 the cost per hour of traditional content. and it's not distributed via cable and satellite operators. it's distributed by social media companies. >> reporter: moffatt's talking about videos that you can watch without a tv, like "between two ferns", zach galifaniakis' interview show on the "funny or die" website or "high maintenance," the sitcom about a marijuana dealer on vimeo. millennials are also watching video clips on youtube and the video messaging app snapchat. that's one reason why hbo's new streaming service includes a daily half-hour newscast from "vice," a distinctly non- traditional form of journalism. >> if you went to media companies five years ago or even three years ago and said, "what happens when the millennials go through a life stage change whe