It's totally dumb because it's not about getting a good deal for consumers or artists, purely about rights-holders maximising revenue. If they can't negotiate a good enough deal in a region they'll simply not allow it to be streamed. This is what happens when they separate the cultural value of "content" from the monetary value of it, the perceived desirability. Viewers and listeners want a good show to watch or album to hear, rights-holders simply want to get a good deal, regardless of what the stuff it.