The missing piece here is that streaming was not profitable for a very long time, and all the studios and content producers cannibalized their existing profitable businesses to make equally unprofitable deals with Netflix, just to be where all the users were going.

Now that industry is stuck in a situation where they wrecked their own income streams, expectations have been set with customers about what streaming costs, and they are scrambling to figure out how to re-gain that income but no one wants to go back to those pre-streaming prices.

This whole problem was one of the foundational issues behind the recent writer and actor strikes.