Like all the disruptors and reimagineers in tech before, all they really offered was the same thing we already had (but with a few billion lining their pocket).
Because people were dumb enough to believe that television companies were going to provide an endless library for $10 a month?
Like for years I'd point this out and people were absolutely unwilling to recognize that giving away all their content near free was not a thing that would be around long term.
Cable (or satellite TV) was all media creators and watchers having to deal with a small number of middlemen.
Having to have someone come to your house, install hardware, run wiring, have set top boxes, only being able to watch at home at a certain time without a separate recording device…does not sound anything at all like watching media over the internet.