I've recently started cord-cutting! I've canceled my cable television subscription and started using online service providers.
Nice.  I have been thinking about doing that but have not taken the step yet.  Is that getting commonplace
It is! It was estimated in 2008 that about 900,000 American households relied entirely on the Internet for tv viewing, I'd imagine that number is much higher today!
I bet.  With the increase in popularity of Netflix and Hulu, there is not much you can't watch online anymore
Yes, and don't forget about Amazon Video, iTunes, Sling TV and YouTube! With all those options, cable tv seems like a giant waste of money!
The only thing I would really miss is watching all of my live sports.  Does anything on the net offer that option?
Cord-cutting
In broadcast television, cord-cutting refers to the pattern of viewers, referred to as cord-cutters, cancelling their subscriptions to multichannel subscription television services available over cable or satellite, dropping pay television channels or reducing the number of hours of subscription TV viewed in response to competition from rival media available over the Internet such as Amazon Prime, Crunchyroll, Hulu, Netflix, Philo, Sling TV and YouTube Premium. This Internet content is either free or significantly cheaper than the same content provided via cable.
and Q4'2018 1.1 million subscribers left traditional satellite and cable in favor of internet based streaming television. In Q1'2019 cable and satellite lost 1.4 million subscribers.
Market impact.
Parks Associates estimated that in 2008, about 0.9 million American households relied entirely on the Internet for television viewing; by 2017, this figure had increased to 22.2 million. Leichtman Research Group found that six percent of Americans watched at least one show online each week in 2008, a figure that grew to eight percent in 2009. The number of Americans subscribing