Only Netflix-produced shows apply here. Before Netflix started producing content they had *no moat*.
That's the big problem with media streaming - the content owners have all the leverage. Any profit you make they can see and simply increase licensing costs to transfer to them. If you don't want to pay they can (and will, and have done) start their own competitor since the technology isn't a moat - content ownership is.
The situation with streaming platforms are exactly equivalent, and these content production studios have learnt to prevent this sort of anti-trust legislations from forming.
in fact, the cinema ownership decree has been ended i think: https://www.laineygossip.com/with-sonys-purchase-of-alamo-dr...
What, apart from Stranger Things and Squid Game, has been enough of a cultural touchstone that it keeps people on Netflix? Those aren't things you keep coming back to again and again.
Netflix doesn't own Friends, Seinfeld, The Office, Community, Parks and Rec, etc.
I'd argue Max (nee HBO) has better legacy titles and franchises. They have both enduring IP as well as the reputation of being "destination television".
The thing that keeps people from cancelling Netflix is that they have a better content slate of licensed classics paired with new originals. And they do it in the greatest volume of all the streamers, so there will be "something" on, even if it isn't particularly good.
Arcane was a pretty big deal and it was released on Netflix and TenCent.
They also have continued series that originated on other networks, including Unsolved Mysteries and Black Mirror.
I know several people who watched Cyberpunk: Edgerunners on Netflix and are excited about the upcoming CDPR and Netflix project set in the Cyberpunk universe.
I’ve had recommended to me and have recommended to others quite a few of their original movies. You might like 6 Undergound if you’re looking for an action movie.
And yeah, Bridgerton, Wednesday, Emily in Paris, and 3 Body Problem each certainly take their moment at least in my circles.
I think the Jeffrey Dahmer one was also big, because there have been so many stupid memes about him since then, from people who weren't around to hear about him on the news.
Netflix has their content as their moat. Even if someone today builds a better version of what Netflix used to be, it wouldn't matter. They won’t have the rights and licenses to the shows and movies. That’s what keeps people from switching.
Porsche has to keep earning you as a customer with every new model. Netflix just needs to keep you watching.