Ask HN: Why hasn't music been disrupted yet in the same way movies have been?

When Netflix first started out, it was an aggregator of movies and shows not unlike Spotify today. Originally, the biggest challenge was the technology parts of the business. But today, most of Netflix’s (and all of the competitors) challenges are not technology problems, but media creation problems - creating hit content to keep people engaged. Meanwhile, all of the other production companies (HBO, Peacock, Disney) have caught up technology-wise, while other technology entrants (Hulu, Apple TV) are likewise focusing on production of original content to stay competitive.

This is also starting to happen with Podcasts (Spotify as the leading example).

But why hasn’t it happened for music, proper? I think Jay-Z’s Tidal tried this but they weren’t successful. But Sony Music Group, Universal Music Group, etc all have huge catalogs of music, and there is a trend of artists selling their catalogs to these companies. What’s to stop them from pulling back their licensing and launching their own app competing with Spotify? And conversely, why hasn’t Spotify moved into music production in the same way that it has moved into Podcasts? (Caveat being that they tried at some point with generic beats and piano and atmospheric music production, but those knockoffs felt flat and hidden - it wasn't promoted as Spotify original music in the same way Netflix or HBO content is).

Is it because licensing is much more distributed? (ownership primarily in artists' hands?)