Just throwing out a few more thoughts:
You said, "... Now is also maybe doing away with their own hardware and focusing on an app based format?".
That would make sense, it would save money and redirect resource into developing their app so that it could stand toe toe with Netflix, Disney +, Amazon, etc. However, the downside would be their downturn in attracting inexperienced first time users.
To summarise your post, your saying that Now TV have rebranded to either remain the same or become equal with Netflix and the rest.
If that was the case then why spend the money, companies usually spend money as an investment and rebranding to stand still is not an investment.
As for bulk membership, that maybe but they wouldn't need to rebrand if that was on the table, still it would be a good strategy to bring in customers that can pay £40's plus in one go.
Sports brings in a lot of customers, especially those willing to pay to watch the big games and/or those that love to watch games on a regular bases, i.e. it's a high earner, and is unlikely to be something they would want to get rid of.
As said before, just bouncing ideas out there.