Except the web doesn't really need their content. The web exists and will continue to flourish regardless of the availability of commercial hollywood films and

Except the web doesn't really need their content. The web exists and will continue to flourish regardless of the availability of commercial hollywood films and television on it. It got this far without ruining open standards, and the MAFIAA lobby forced DRM bullshit upon it because they fear for their long term viability. That is a sign they were losing the battle, and they absolutely were with the rise of youtube, facebook video, twitch, etc - alternative video sources were / are starting to get professional, with many major youtube channels having production crew and proper film / showmaking. The web would have been absolutely fine without them, but they knew they would not survive without the web long term, especially internationally.