I’m not sure if there’s something Netflix could have done honestly. They had a technology moat with video streaming tech at a time when everyone else focused on cable but video streaming and streaming apps became a commodity over ten years or so.

To expect them to also become a great studio company when they started out with the tech moat would be a bit of Silicon Valley hubris. It works for a few like Amazon but even Amazon is facing similar issues where online shopping tech is now commoditized and rivals have better depth in retail itself.