Netflix, steam, and Spotify got me out of piracy. Companies who owned the IP just decided they all wanted to replicate what Netflix did without understanding that it was impossible for more than one company to accomplish that.
It's possible for more than one companies to thrive in streaming space. Just look at music streaming industry. There are healthy competition there with several global music streaming apps and various regional/country-specific music streaming apps. All they have to do is not locking contents behind exclusivity deals and compete on price and features instead. Also, not cracking down too much on family sharing usage also helps.