All studios had to do was follow the path of music streaming. It’s practically rid of piracy on a mass market because most streaming service has practically the same content. So it’s a matter of user experience they’re competing with, not the content they host.
Netflix is profitable, Spotify never was. The differences between the realm of movies and music are so numerous that I won't even bother listing them. Music and movies studios concerns are vastly differents, their economic realities are vastly differents, the product is too.