It’s a scary world out there for cable television providers and cable networks. Advertising dollars are running low. Digital video recorders have networks in a tizzy. To make matters more complicated, consumers are turning to the Web for entertainment. Cable companies may need to redefine the way they do business or risk falling to pieces.

The problem isn’t that consumers aren’t watching television. The Nielsen Company’s “Three Screen Report” for the 4th quarter of 2008 says that Americans are watching more television than ever before — an average of 151 hours of TV per month! On top of that, some Americans consume an additional three hours of television per month online and others watch another four hours per month on mobile devices.

Americans as a whole haven’t abandoned traditional television for online content. But the rising interest in Web services such as Hulu has some cable networks concerned.