One additional problem for Netflix is that although they have spent over $13 Billion on original content most of their subscriber prefer to watch 3rd party licensed content (eg Friends). This further reduces the moat that Netflix is trying to build. Disney or Amazon with much larger pockets can easily woo content creators for exclusive licensing deals on their respective platforms.
It is because Netflix original content is crap. Low quality nonsense. You feel embarrassed to watch it. Compared to HBO Go for example.