I think Netflix for a few years now has been optimizing for "the cost of production of each consumed hour". They have been doubling down on acquiring/producing

I think Netflix for a few years now has been optimizing for "the cost of production of each consumed hour". They have been doubling down on acquiring/producing international content, reality tv and live specials—which are all cheaper, and less risky given the formula repetition. And when they have an expensive show that is not viral and super-successful, even if it was good by many standards, they cancel it. Many have noticed the reduction in quality and the increase in rate of cancellations, but it doesn't seem to be hurting their subscriptions much, at least not yet.