Moving from a growth company to a stable company just implies it deserves a much lower valuation multiple, which is what the market is adjusting to. My questio

Moving from a growth company to a stable company just implies it deserves a much lower valuation multiple, which is what the market is adjusting to. My question is, how did people not expect this given that a huge XX% of the first world already uses it, and there are tons of viable competing streaming services popping up like weeds? They had a first mover advantage, and that was pretty much it, but streaming is a solved technology now. Competition took much longer to mobilize than it should have, but it's finally here now. At the end of the day the only differentiator for Netflix is as a production company. Up to you to decide what their moat is there