Netflix once had an advantage, mostly tech and UI based, as well as network effects. I feel all of it has subsided. They did well to weather the studios and networks pulling their content into their own services. While deciding to invest in original content early, they built a pretty decent library, but they're still way behind with other networks who have 50+ years of content.
While their focus now to cover the breadth of programming like cable as opposed to quality content, means they will likely stay where they are (lose selective subs, and gain cable subs) but just not as an emerging tech co. with new ideas that was once the N in FANG, but just as a legacy media network, while their consumers have a wealth of choices fighting for their time including social, gaming, real world events, etc.
While their focus now to cover the breadth of programming like cable as opposed to quality content, means they will likely stay where they are (lose selective subs, and gain cable subs) but just not as an emerging tech co. with new ideas that was once the N in FANG, but just as a legacy media network, while their consumers have a wealth of choices fighting for their time including social, gaming, real world events, etc.