Wait, Netflix has a quarter the viewers of all cable/sat TV viewers? Not inclined to call that "only a fraction", more like the hemorrhaging is well under way. Try taking all streaming video customers into account, I'd guess it's closer to half.
This "subsidizing" won't go on for long. My kids are growing with absolutely no notion of what "TV" (the ad-driven kind) is; those who do are used to a plethora of on-demand alternatives. 15 years from now, "channels" will be on-demand streaming sources unlike the schedule-driven content we have now.
The one thing I think is still missing: the streaming equivalent of TV's "here we are now, entertain us" - the pick a source and just watch a curated series of shows (not just same series episodes back-to-back).