Now, a private tracker, on the other hand...
Disclaimer: Piracy is morally wrong, and if any LEO asks all I've been downloading is 1984.
One subscription for access to ALL the content is the way to beat piracy. Anything else is anti-consumer at this point.
So what do you do when an Amazon Prime membership is required to access most contemporary books?
Or when you have to get several different all-you-can-read memberships to access all the authors you like. Eg. first there was just Netflix, now there is Hulu, Disney+ and Paramount+ as well if you want to see The Handmaid's Tale, Stranger Things, Game of Thrones, Star Trek: whatever, The Expanse, Star Wars & Avengers movies (to name just a few of the most popular and culturally relevant shows and movie franchises).
Whether there is a monopoly or oligopoly doesn't make much difference to consumers, though it does make some difference to content creators.
To make a system like you describe palatable over the long term, you would have to add in structural separation (content owners can't also be distributors) and strictly limit the kind of exclusive licensing deals that are allowed (eg. require statutory licensing of some sort) so new publishers and distributors can't be prevented from entering the market.
Not just alive and well, but monetized by sites like Scribd.