Right! Streaming services weren’t feasible back then. We lacked the bandwidth, no apps existed (because internet connectivity outside of a desktop/laptop computer was in its infancy), and not that many people connect a computer to their TV.
People were excited about streaming services because we all got sick of dropping $20+ to buy a shitty movie or album, and there were always availability issues at video rental stores.
Ownership over movies and TV shows isn’t particularly important. I don’t have data to support this, but it seems true that people watch the (probably overwhelming) majority of movies only one time. Why own what I don’t want or need? And if I really enjoy the flick, I can still buy a disc.
Music seems more important to own since owning is the only way to guarantee availability.