Why you are so conservative in your analysis. First of all I expect the subscribers to spend minimum $ 10 per month with subscriber revenue and $ spend on renting. This value is less than even NETFLIX charging for both features. Secondly you can not, I repeat again compare UF to early days of NETFILX. Netflix was trying to get to new area of technology. Of course it took longer for customer to adapt to Netflix. It is hard to break a I customer habit. Based on what I see here is my numbers:

Subscribers: 15 mil 4k tv + mobile devices ( this is huge mrkt. Don't underestimate this).

Revenue: 15 mil x $10= $ 150 mil per month.
Rev per year= $1.8 bil
Earning = 12% of 1.8 bil = say $210 mil
PE = 40 which is much less than Netflix And others . You get about $8 bil company