> continue to generate revenue even after all the 3rd party content went proprietary. They did and they do. They put all their money into the 1st party content

> continue to generate revenue even after all the 3rd party content went proprietary. They did and they do. They put all their money into the 1st party content. They produce huge number of bulk mediocre content and also some really good shows. I can't see how they could do anything different. It's not enough. They have no competitive edge in 1st party content creation except size. That edge is in danger. The competition has either deeper pockets, more content, or other income sources. I have no idea about music streaming. I assume its similar network externalities, economies of size business. --- edit: As an infrequent investor, the company must do better than relevant index fund (SP500, NASDAQ composite, and so on) over the next 5-10 years to make sense to me. Netflix may establish itself as a good blue-chip company, but that's not enough a reason to buy it.