I agree. However, they may be giving some other content-producing company a chance to grow, or pushing other companies (e.g., Netflix) towards producing content of their own.

What I wonder about is what is happening to the margins of content-production. HBO has been living on fat margins, and I can see why they wouldn't want to give that up. But the increasing numbers of distribution channels seem likely to put pressure on those margins -- more content producers have a chance to get in the game.