To be completely fair, it's been over for a while. Even if you completely forget about infrastructure, between the endless wars for licenses, endless removals of content from platforms, shitty inconvenient apps, and regional locks, it's already a dying market.
On top of all of that, they're implementing the "don't you have 5 extra dollars" strategy, with skyrocketing monthly prices for each of these. If it was 15$ a month to watch anything, i would still pay. but it's 15$ for each of them, and they still serve you ads, and sell your data
We all knew that even before the strike too. Musicians get paid pennies on a dollar, and it's the same with writers. Actors are probably treated the same way, if you're not one of the hall of fame elites who get insane cash for garbage roles, after they've been in a Marvel movie once