Kindle Unlimited works[1] works that way. They have pool of royalties derived as a percent of revenue for the month, that then distributed by views on a proportional basis. They have a specific algorithm that defines a "normalized page view" which prevents gaming from people doing things like using larger fonts, or adding filler pages that people skip.
I could imagine a version of this being adapted to other "unlimited consumption" model platforms like video streaming. That leaves room for the contract to negotiate the royalty percentage, maybe with some kind of a fixed floor, and to discuss how views are "normalized." Does minutes watched make sense? Should it be normalized by account, rather than overall time? etc ...