Something about the invisible hand of the free market might actually be appropriate here. How many services will the market bear? If your average Joe viewer is spending $100 a month for cable or satellite, would they be willing to replace that one service with ten standalone services at $10 a month each? Will that work out to be a better value for Joe?
I'm happy with an antenna, Netflix, and Amazon because it is so much cheaper than cable/satellite and I don't need 50 sports channels and 300 shopping channels. Then again, I'm not the average consumer.
I had nothing but Hulu, Amazon Prime, and Netflix for over a year and a half and I never ran out of stuff to watch. Not only that, combined, all three were less than $40 a month. So it can be done as long as one has a fast and reliable internet connection.
The only reason I have regular TV now is because it came with the place I moved to.
The biggest disadvantage is the lack of the ability to watch sports. But if one doesn't care about that, or is willing to go to a bar, then it's no big deal. Otherwise, most of the best TV shows make it onto services like HULU.
Oh, also, live news. I missed that. But not so much that I wouldn't give up DirecTV over it if I actually had to pay for it.