Amazon providing Netflix with infrastructure does not figure in. The estimate (which I agree is suspect) has to do with the cost of acquiring content rights. If

Amazon providing Netflix with infrastructure does not figure in. The estimate (which I agree is suspect) has to do with the cost of acquiring content rights. If Amazon is spending more money on content rights than they pull in from users consuming that content, then they're running their streaming service at a loss. Netflix running on their hardware doesn't factor in.