Surely the CDN for that huge streaming library is the expensive part of their infra.
As long as you move a few PB around the globe on your video release date, Netflix is fine.
It's very easy to build a Netflix in comparison to yt.
I would argue that for Netflix going into yt direction would eat up there revenue baseline fast.
More static content than YT. Better viewer:creator ratio. Fewer content headaches. Content moderation is lower volume and amounts to watching the film. And closer to their existing product fit.
It's actually kind of mind-boggling that Netflix hasn't pivoted into a turnkey solution (standard deal + optional financing support + broadcast platform) for mass-market film-making. Everyone's content starved, it's an obvious weakness that Amazon / Disney / ATT are blind to, and somehow Reed Hastings hasn't pushed in that direction. It's literally what Netflix is famous for doing (twice!): be the platform.
I've been mostly hearing the opposite, most people feel like they have more content they want to watch than they have time to.
IMO, it might be wise for Netflix to start their own YouTube-like service. For example, subscribe to Netflix, get access to user-created videos on a separate app. The best part is that users would then generate content for a fraction of what they currently pay to produce content, and they could have basically what YouTube has, but ad-free.