"start pulling that content away from Netflix/Sky etc."
They will soon discover that the balkanization of services will lead to less customers, not more.
The film industry worked because each time you cold decide which movie to watch. On TV, the same. You weren't in no way bound to watch, say, only Paramount films or ABC shows because you were forced into a monthly subscription.
If they think they can chain people into subscription, as people see they can see some shows but not others, they won't buy more services if they can't spend that much, and may get rid of existing ones as well. Unless they find themselves to be forced into cross-licensing and bundles.