Purveyor of inexpensive "McBandwidth" Cogent is reporting their first ever quarterly traffic volume decline. According to the carrier, the decline is blamed in part on normal lower seasonal use, but the company says they also "saw a series of video and social networking sites exhibit much more modest traffic growth than they had been." Cogent CEO Dave Schaeffer apparently didn't get the "impending exaflood doom" memo, given he even goes so far as to proclaim "we’ve not seen a massive migration of video consumption over the Internet." He notes that the average consumer still watches online video for 4.5 minutes per day and traditional broadcast television for 4.5 hours per day.