But it does work if you run it on a parallel network, if you side step all the ISP's toll bridges.
What you can't do is negotiate with every ISP on the internet between you and your end users, giving a 30% cut to every one of them along the way. Especially since most of these ISPs were cable TV distributors in their previous life. They made sure to break it, to break it so good it becomes unimaginable that it could ever have worked in the first place.
And I think that has turned out just fine for netflix, the enormous deployment costs for their CDN means they have a moat, no small operator is going to be eating their lunch. Add to that brand name and platform power, the lack of standardized "one-to-many" infrastructureless broadcasting method, like "email" for broadcasting.
We'll be stuck using Zuck's computer to talk to each other pretty much forever now ....