In an investor conference in New York last week, DirecTV made some announcements and a non-announcement that clearly indicated the company is feeling some heat. The emerging threat of video services from the RBOCs seemed to be fueling the announcements, as well as the existing competition from Cable’s robust bundles of services.

DirecTV and DISH both have reported significant reductions in net subscriber growth in the last few quarters. Of course, DirecTV has a pretty strong balance sheet and, therefore, the ability to throw money at its problems – thus last week’s announcements.

First, the non-announcement: CEO Chase Carey started off by saying, “We don’t have a broadband announcement” to make. Of course, in early January, Rupert Murdoch said DirecTV might be willing to spend a billion dollars on some sort of broadband network and that an announcement may be coming by the end of February. It hasn’t yet, although Carey indicated last week the company clearly understands the need for a wireless broadband offering to compete with Cable and the RBOCs. He did say they’re in “active discussions” on wireless broadband.

On Verizon and AT&T’s fiber-based video plans, Carey was skeptical. “I think for the first couple of years, they will build-out selected markets and pick off some low-hanging fruit. They will be a small factor in the market but not a major one.”

On to the actual announcements: Carey said DirecTV is preparing to launch two types of video-on-demand: one broadcast by satellite and the other delivered via broadband Internet connections. The satellite-based VOD service will be available sometime “over the next few months,” he said, and will deliver a limited set of movies, as well as content from NBC Universal and FX, to subscribers’ DVR hard drives. The broadband VOD service, on the other hand, will require new HD/DVR set-top boxes that will be available “later this year.” The company also announced it would provide local high-def in 24 more markets, for a total of 36.

So, like granny’s kitchen on Sunday morning, there’s lots of scrambling going on. Scrambling from DirecTV (and DISH) to develop a compelling broadband service and other enhancements to match Cable, and scrambling from the RBOCs to develop a compelling video service. Meanwhile, Cable has both – right now – along with an important clincher, telephone. It’s definitely an active time, and all companies in the space have to be on their toes, but we think without question the long-term advantage goes to the Cable bundle.