There won't be competition for exclusive content like Disney, AMC, HBO etc. except piracy which is still a lot easier for a lot of people, and if fragmentation continues, it will be Even more so.
Today you cannot pay for a recent movie unless you go to a cinema (which I personally find an anachronism). To pay for older content, you need to find who is streaming it, pay a subscription with them, then find in what country they streaming it, pay for some fancy VPN service, setup the fancy VPN, restart your device and now watch it.
I think services like Spotify or Google play music are already much easier than pirating songs. Why do you think a similar state cannot be achieved for TV shows or movies?
Steam is a great example, licensing seems to be pretty universal most of the times allowing games in most countries. Music is a little harder and TV/movies are a lot harder.
The music business is much more on board than TV/Movies. But TV/Movies still have a lot of leverage.
Piracy will always be competition because of availability and not price. A lot of people who can afford to pay pirate cause the content they want is not available to them legally. Unless we somehow switch to a global content platform piracy is here to stay. And it's not just torrents, you can now pay for illegal services that behave like Netflix with polished UIs and get access to a larger catalog without geographical restrictions.