Oh come on, you're reducing the number of major decisions Netflix has had to make over the past 5 years to 2? You're right that Netflix faces a fragmented endgame, that's why they've invested so much money into original and exclusive content. Disney (as is HBO, currently) will be a formidable content rival, but by the time Disney's service rolls out, Netflix will have a strong brand when it comes to Netflix-only content, nevermind the advantage it has from having industry-leading infrastructure and experienced engineering teams.