Throwing Out An Idea

The media industry is finding it more and more difficult to control their own content as a result of the proliferation of P2P networks. At the same time, media consumers are finding it more and more difficult to obtain quality programming (at least in my opinion; I haven't found much worth watching on television recently). I was thinking about a way to solve both the media producers' need to control their property and my want to obtain quality programming when I want it for a relatively cheap price. I had the following idea:

It would be great to have a site like YouTube that the media producers load all of their property onto (television, movies, radio, etc.) and users pay a flat fee per month to have the opportunity to view any episode, any movie, or listen to any song at anytime they want with just a few commercials spliced into the feed at points that make sense (like natural commercial breaks for a television show). The media companies get revenue from the commercials and a significant amount of demographic data. The website gets money from the media consumer. The user gets to watch anything at anytime, all problems would be solved.

I even had the idea that media producers could load scripts for the television shows and movies directly on the site so that the user could search specific quotes and immediately jump to the specific scene the quote appeared in. The same thing could go for lyrics to songs. The key would be to allow the media producers to maintain control of all of their creative assets while the user is basically paying to see what he wants rather than paying some outrageous amount for cable (I must admit that I hate cable and wish I could pay for only two or three channels a la carte).

I would be grateful for any comments regarding this idea. Is it feasible? Do you think media producers would go with it? Do you think media consumers would go with it? YouTube is great, but I want a place where I can watch whole episodes legally. I am willing to pay for good content, but I am not willing to pay the outrageous price for a DVD or CD.