Possibly, but I suspect that if they charged per movie the service would be a lot less used. I know I probably wouldn’t bother with Netflix at all if they charged me $3/month but also charged me a micropayment to watch the TV shows or movies I wanted to watch. The only thing that makes the streaming service worthwhile at all is that it’s a fixed cost for a large library that I don’t have to think about whether an individual movie is worth my money or not but instead can consider the aggregate - take that away and I’ll just go back to buying DVDs.
(The Hulu model I can tolerate - they charge me a micropayment in the form of my time to watch an ad. But since I was raised to be a tightwad wasting money causes physical pain while wasting time is why I’m probably watching TV in the first place.)