Netflix was up until a few years ago a content provider but not a content producer - they became one so that they could survive the time that they could no longer provide enough content.
I don’t think it’s an unreasonable assumption that a publically traded company cares about retention rates for their primary product - of course it’s not the whole picture but it’d be rather radical for it not to be a factor.
Not true - the top comment in the thread who is ex-Netflix says the engagement and retention are the top 2 metrics and engagement is a leading indicator of retention.
That is evidence that the value of engagement as a metric has been investigated. It's not evidence that engagement and retention aren't separate concepts; it's an explicit statement that they are.
I don’t think it’s an unreasonable assumption that a publically traded company cares about retention rates for their primary product - of course it’s not the whole picture but it’d be rather radical for it not to be a factor.