Netflix isn’t “successful” as a business. It thought of itself as a technology company instead of a content company. It’s content is second rate compared to its competitors were able to throw money at companies like BamTech (now owned by Disney) to have “good enough” technology.

Yes it’s “profitable”. But until last year, it was having to borrow more money than if was making just to produce and acquire content and the acquired content was ripped away from them by their competitors.