Whats worse it won't give them the ability to control their content offering which means they can't really steer their business.
Also since broadcast licensing is a steaming pile of shit outside of the US you can't rely on smaller companies handling that it takes a giant to uproot existing right holders in Europe and in other regions and Europe is already a mess with tons of streaming providers in every country that have to geoblock everyone else because the licensing laws pre-date the shared market and also have to yield to local guilds when it comes to translations and dubbing.
People have chosen Netflix in the past because it was a reliable way to have something to watch these days it might not be the case anymore. Their library is much more fluid and much of the content is being rotated in and out every couple of months to a point were their old 3 months notice period is no longer maintainable.
2 Years ago i could log into netflix and know for sure there will be something worth while to watch today I usually have to browse 3 services to find something. Their original shows are great House of Cards is amazing, and Narco's that came out just over the weekend and it rocked but it's becoming not worth keeping a sub if we are all honest.
Gabe Newell said it best - the only way to combat piracy is to deliver a better service than the pirates and sadly Netflix and the other streaming providers are slipping behind. When I can get a better library and better quality from popcorn time why should i pay 20 GBP a months for streaming providers which force me to go trough 3 different libraries to find watchable content? Heck I've goot a Roku streamer just so I could have a single place to search through all the content providers i subscribe too instead of having to load Now TV, Netflix, Amazon Prime, BBC Player and other nonsense on my TV and It's still not as slick as PCT....