I'd suspect that one side factor was that the tech moat wasn't anywhere near as deep as you'd expect. People used to be very impressed by Netflix's infrastruct

I'd suspect that one side factor was that the tech moat wasn't anywhere near as deep as you'd expect. People used to be very impressed by Netflix's infrastructure-- CDN boxes in major ISP sites, all the reliability engineering gimmicks. There was probably a case to be made that "IP first" companies wouldn't want to bet that big on trying to be tech firms. There was also a secondary risk factor, especially at your B-tier IP firms. Disney owns everything and can presumably fill a viable streaming catalog, but if your catalog is a bunch of old sitcoms and movies-of-the-week that your acquired before people were savvy about rights negbotiation, that doesn't command $10 per month. On the other hand, it would do well with an established service, plumping its long tail offerings. I suppose that was the original premise of Hulu, collecting some of the catalogs that weren't big enough to self-sustain.