Absolutely - Sky live and die by the relationships they are able to maintain with premium content creators. Clearly, if everyone decided to 'go it alone' and launch their own Netflix-style offerings in NZ then Sky would not have a business at all.
As each new player enters the market it becomes more difficult (if not impossible) to make any money though. There is a limit to the number of subs a person is willing to juggle. When you subscribe to multiple services you very soon start paying in total what you used to pay for the satellite bundle.
In NZ we already have a range of offeirngs including Netflix, NEON, Lightbox, Amazon Prime, Disney+, AppleTV+...
Will HBO, Showtime and now HULU break their profitable deal with Sky to also enter the already-crowded and relatively small NZ market? Look, anything is possible - but I don't think the economics would stack up.
I for one currently juggle Netflix, Lightbox, NEON, TVNZ On Demand and Sky Sport NOW. If the new service Sky is about to release allows me to subscribe to most of those for a reasonably-priced bundle I would much prefer to switch to a single platform that aggregates all of that content. If they also managed a deal with Netflix that allowed me to surface Netflix Content next to the Sky content that would be even better - it would make it so much easier for me to work out what to watch.