This works out as around £144 year. That is around the cost of an Amazon Prime subscription,which also includes Prime Video and Twitch Prime where you get free games and freebies,and the cost of a yearly standard Netflix subscription.
Also,regarding normal YouTube,if they want to close off music videos off with a massive paywall,it means its actually worse for many artists(especially not the big ones),since at least in my case I have had a look at bands and artists I would have never bothered to look at otherwise and bought their music. I would assume its the case for many people.
However,other alternatives like Bandcamp exist and at least the artists get more of the revenue AFAIK.