No Commercials: I don't see them. That's one of the biggest things about 'cord cutters'. You can't reach them with TV commercials. So, advertisers have to figure out another way to 'reach' me.
No Schedule: I watch what I'd like to when I'd like to. I never care what's 'on TV' or when something is scheduled. I watch things when I'm in the mood to and have the time to. The idea of specific weeknight lineups or specific programs bringing an audience to another seems silly and quaint.
No Access to Cable-Only Programming: I have no access to cable-only programming. If you lock your content down to your cable TV channel and your app that requires me to login with my cable account, I can't see it. And, no, I'm not going to pay $50 a month to get cable to see your TV show.
A majority of the time, if I'm sitting on the couch, I'm playing a game, watching YouTube, or watching a movie. So, yes, there's a pretty big difference between a typical TV watcher and a cord cutter in terms of advertiser reach, access to content, dollars spent, and schedule. As more folks take this approach, more of the industry has to adjust to keep pace.