Not so sure if this would work as well as you think. Not everyone likes the subscription on PS4/Xbox ONE; I know a few guys who refuse to buy such a console just because of this and prefer playing on PC instead.
Also, 40$ a year would be too low to finance a console. That would mean at least 10 years just to finance the consoles of early adopters, and that's if the console is not very low power/tech. A price of 80-100$ a year would be much more realistic, but that price would probably drive most non-core gamers away