I have to disagree. The execution is what really matters, not the idea.
- Could BBC have hired the talent to build and scale a credible competitor?
- Could BBC have popularized the model of on-demand, subscription based TV?
- Could BBC have acquired and created content people want to watch?
If the answer to these questions is yes (and the regulations in question aren't a problem), I would highly encourage BBC to launch a video streaming service today!