Yes it is structurally different. However, it is also a much cheaper source of funding, especially in the current low interest rate climate. I have no clue on

Yes it is structurally different. However, it is also a much cheaper source of funding, especially in the current low interest rate climate. I have no clue on the metrics of Netflix, but if spending $50 or $100m on a show gets you an added $3m in MRR then it's clearly worth it for them, since they're trading at a p/e ratio of 225. Either they become so profitable they can repay the debt, or their market cap increases significantly + can raise additional capital from share sales at some point (at obscene valuations, I might add, but then again they seem to have been performing) and repay the debt. Then again, I have no clue how much each show adds in MRR. It could very well be much less than $3m MRR. But there's pretty much no alternative to developing your own content -- without it Netflix wouldn't be where it is today. Requires a ton of capital though.