It's all due to investor pressure. Netflix was bleeding itself dry until they started making these changes.
I agree it was investor pressure, I 100% disagree they were "bleeding themselves dry"
The short term thinking of modern business to chancing as much quarterly growth has humanly possible long term health be damned was the investor pressure they were / are under.
This will short term thinking will be (and has been) the cause of major problems not just in netflix but many companies
They [netflix] ended that about the same time they ended their Public API and starting becoming a "Media Company" instead of a tech company, this is also the point in time they became less consumer centrist.