I sort of disagree. In the beginning of Netflix they were releasing hit after hit in terms of artistic/innovative media. I think they had a very different approach, they were looking for special products but it is clear as they grew big they started focusing on cheap to make, low retention but high viral potentiality shows.

That's a business decision. They made a decision to go for quantity over quality, and that's fine for the short-term.

I think Netflix simply didn't find the right balance. It's okay to have cheap shows to fill in the blanks, I mean, I enjoy some of them. But the biggest problem is that they give up on pretty much every other more "artistic" work too easily; even when these can only become popular years later.