Hollywood has made some moves in this direction- it appears they are biding their time and building the best possible infrastructure before dropping the hammer on everyone. But HBO's hint that they may allow subscriptions is another sign of the coming battle.
Do not be deceived. Hollywood dreams of a digital monopoly where they control everything. The recent SCOTUS decision in favor of Supap Kirtsaeng is just a minor annoyance for an industry that has Congress in its pocket. Powerful well funded forces are doing everything they can to create a new monopoly. Think of them as Digital Robber Barons.
The motivation is pretty simple. First, companies would always prefer to streamline and enhance profits. Nothing new there, but what is unique about the digital world is that they have some strong moral and legal arguments behind them. Piracy is a significant problem, stealing digital content and illegal sharing cur into revenue and undermine both the law and the market. The best workable solution is control from beginning to end. This is why iTunes was so difficult to work with in its early days- Apple knew that they had to make piracy extremely difficult. So Hollywood and the rest of the producers have a powerful argument moving forward with content control and ownership. This is why all digital content is licensed and not "owned" in any traditional sense.
Libraries are one of the only organizations that can step in with a less draconian and monopolistic answer. If we had the technical infrastructure we could create an alternative virtual environment where content could be mediated between producers and consumers. The problem is we are not moving in that direction with enough focus and energy. Instead, we are still thinking like ideologues rather than lawyer's and business persons. We make idealistic arguments but not financial or legal ones.
If we don't start adjusting soon, I think the door will close, as we are starting to see with HBOs suggestion that they may move directly to the consumer. There is no room for libraries in such a mode