That the artist might not get most of the money, is not an argument, since the artist already signed agreeing to that.
Companies exist to serve their customers. The companies that forget this tend to decline.
No problem then, because those who get their songs off of YouTube are not their customers (or, in any case, are not their customers for those particular songs).
We already have content from the music companies to streaming services like Spotify and Apple Music, which is exactly what Netflix does.
In fact we had streaming services for music long before Netflix was a thing (e.g. Real's), so theirs is hardly "forward thinking".