This, more than anything else, sums up why Netflix is doing so well.

Viewers/subscribers are a zero sum game, as they're not growing as a total in places like the US.

Traditional content was designed in a content-scarce environment (from the few broadcast channels, to a few more cable channels, to VHS, to DVD).

That's not the world we live in anymore: now it's a time-scarce environment.

There's more content (both legacy and new) than I could hope to consume, so I'm only interested in the best content for me. Traditional content providers aren't optimized for micro-targeting.

It's been about 8 years since I've had a cable television subscription, and it now feels really weird that past me was willing to pay $100+ USD/month to have access to television shows filled with commercials. I barely have the patience to sit through a single commercial anymore. Not only am I unlikely to buy any given car, feminine product (as a male), bottle of alcohol, financial product, prescription drug, etc., I simply don't want to reminded 58 bajillion times that I need something I really don't need or want.