I think this is what every bear case since 2010 has been saying about Netflix: it was a phenomenal business while they got to exploit the quirky licensing of ph

I think this is what every bear case since 2010 has been saying about Netflix: it was a phenomenal business while they got to exploit the quirky licensing of physical DVDs, but with streaming, content is king. As many predicted back then (when Tilson wrote his famous letter), the cost of quality content has gone up so much that Netflix has had no choice but to let much of it go and instead produce their own to defend their margin. At some point their core business will simply be content production rather than distribution