All of these subscription services are essentially communes. There is no market force from advertisers, dvd sales, etc - all income is merged together and distributed by the party. Grifters can move in, make things that no one wants, and as long as they can convince the party chairmen to give them funds, they keep going. The model might be viable as a privately held company (monarchy equivalent) where a strong leader has a vision, but a typical public company is way too susceptible to c-suite bandits and subversives.

Like all communist systems, they'll eventually switch to fascist dictatorships or collapse.