Content is king; Netflix, as long as it doesn't have exclusive rights, is just a middleman trying to extract rents. As soon as technically competent competitors popped up (Amazon etc.) Netflix's margin on licensed content is liable to be squeezed.
That's why Netflix borrows so much to spend on creating its own content. It's not viable otherwise.
That's why Netflix borrows so much to spend on creating its own content. It's not viable otherwise.