Treating "the industry" as a single entity doesn't make sense. Netflix takes that $X per subscriber per month and splits it up between all its different licens

Treating "the industry" as a single entity doesn't make sense. Netflix takes that $X per subscriber per month and splits it up between all its different licensing contracts with different publishers. From the publishers' POV it's not all that different. In the past if they released good movies more people would buy more tickets, tapes, DVDs, etc. to view them; today, Netflix is willing to pay more to host better movies. I don't think that Netflix would pay the same for Citizen Kane and The Emoji Movie (now, which one they would pay more for I can't answer, but their analytics probably can make a guess :)).