I sadly see a lot of doom and gloom on the horizon when it comes to streaming services as a whole. Prices will increase, Ads will become common place and limitations on how and when you view your content (Hardware exclusivity for example).
Additionally, as others mentioned some media will just be lost to the ages. Many movies and shows will likely never come to a streaming service and are lost to time. Kevin Smiths Dogma for example will likely never come to a streaming service.
Archiving and backing up a DVD, Blu Ray or UHD can be very valuable to a user even today. I run a personal JellyFin with over 1000 movie titles. Having instant access to a library like this can not compare to any streaming service in size or quality and it has zero subscription fees.
But each to their own.
I dont believe this will have the desired affect Google thinks it will. I, personally, will never buy Premium or switch to Chrome without an AD block. If anything, I will just download via linux or just not watch Youtube anymore.