>So, you are right that Netflix has a natural monopoly on Netflix-owned content. But the ISPs have a natural monopoly over internet infrastructure, not just on

>So, you are right that Netflix has a natural monopoly on Netflix-owned content. But the ISPs have a natural monopoly over internet infrastructure, not just on the internet infrastructure they provide. Netflix has more of a monopoly than just their own content. Network effects make it so that I won't be subscribing to 10 different streaming services so their monopoly grows naturally because customers want a single streaming provider and content providers need access to a big pool of viewers. That's actually much harder to break than the ISP monopoly because you can easily start a new ISP by building small amounts of infrastructure in a single dense area whereas you can't do the same for the content over those same wires because those people while geographically homogenous will be quite varied in terms of tastes. You can try to build a niche streaming service for a specific type of content but it has to be very appealing for people to be willing to have yet another subscription. But we don't need to conjecture it's evident from reality. There are hundreds of ISPs worldwide and only 2 or 3 relevant streaming providers.