When the Big Two come to play in your backyard, it’s time to up your game.

Netflix and Amazon have launched a push into Europe that will likely result in some bad nights of sleep for operators, pay-TV channels and broadcasters looking themselves to do more business over the top.

U.S. operators – especially telcos – are facing a triple cord-cutting threat as subscribers are dropping their landlines, traditional pay-TV subscriptions and, increasingly, broadband plans, as consumers look to mobile as their one-source supplier.

Researcher Ovum’s World Broadband Information Service says the trend is “looming” over U.S. operators, but adds that other regions also are potentially facing disruption on all three fronts.

AT&T today detailed its new DirecTV Now streaming offer, targeting the growing number of cord cutters and cord nevers in the United States who are looking for alternatives to the traditional pay-TV landscape.

The service will launch Wednesday and promises “on-demand and live programming from many networks” in addition to premium add-ons and some significant gaps (notably CBS and Showtime).

Pay-TV subscription declines continued at a record pace, with the industry losing an estimated 430,000 subscribers in the third quarter, bring the loss for the first 9 months of the year to 1.3 million, the most ever for the first nine months of the year.

Research firm SNL Kagan said the Q3 loss was higher than a year ago, with the telco segment hit the hardest, fueled by AT&T’s continued move to satellite delivery via DirecTV from its legacy U-verse IPTV product.

European cable giant Liberty Global expects to more than double the take rate its mobile service has among its 17 million broadband subscribers in Europe, dramatic growth that CEO Mike Fries says will deliver “huge benefits” to the companies base of customers and delivering higher ARPU, lower churn, and happier customers.