The "SPL TV" idea of around 20 years ago was pretty much this and was widely ridiculed as pie in the sky. In hindsight, the idea was probably ahead of its time - we now have dedicated channels available in the UK with La Liga TV as well as Sky's EPL channel.
I think in the modern climate the idea is feasible with regards to infrastructure - clubs film and broadcast their home games anyway and have been doing so for years, either live to outside the UK or on delay via their club media channels. A lot of the leagues in various sports now offer their own in-house streaming services. Bigger leagues like the NFL, NHL etc operate these services in conjunction with existing TV coverage. Personally I think the EPL could very well go this route in the next 10 years or so or at the very least, piggy back off Amazon.
The massive obstacle for an SPFL service would be getting the required number of subscribers to make it financially viable - which the main stumbling block 20 years ago. I also think that Rangers won't be too keen in giving up the live game coverage for overseas fans into a collective streaming deal.