They've done the math and for now they've found it IS more profitable for them to only allow you to get their content with a cable subscription.
I doubt that. Rather, I bet they've made a conscious choice to only be a content provider, not a content distributor. That's a fundamental business change. I say this because if HBO decided to make the change, and enabled, say, a $10 online, streaming subscription, I think they'd make more money than they do now. But that would likely upset their current deals with the cable companies, and it would be a fundamental business model change.
I doubt that. Rather, I bet they've made a conscious choice to only be a content provider, not a content distributor. That's a fundamental business change. I say this because if HBO decided to make the change, and enabled, say, a $10 online, streaming subscription, I think they'd make more money than they do now. But that would likely upset their current deals with the cable companies, and it would be a fundamental business model change.