Agreed. Netflix’s only option at this point is to merge with a large IP holder meaning Paramount (formerly ViacomCBS).
Netflix was not as aggressive as they needed to be in locking down must-see brands to 1) keep subscribers or 2) better negotiate with the content players.
Well it turns out a lot of the big players own huge swaths of IP and ramping up a streaming service is a lot less hard. Netflix tried to build a moat with it's own movies, but I guess so did the Hallmark channel
Netflix also tried to be more PC than PC and drove a lot of mainstream viewers away. Perhaps they thought being over the top in culture wars would be their moat? Or perhaps they were just drinking koolaid?
Netflix was not as aggressive as they needed to be in locking down must-see brands to 1) keep subscribers or 2) better negotiate with the content players.