“Cord cutting” refers to watching TV without a cable subscription or even access to broadcast television. Nearly 1 million US households have “cut the cord” in the last 12 months (including mine), choosing instead to watch TV over the Internet in a Web browser, through Netflix or through a device like Roku or Apple TV.

Time Magazine – The End of TV as We Know It
http://content.time.com/time/magazine/article/0,9171,2149608-1,00.html