Sure it’s more convenient online, competition being 1 click away, but antitrust still applies to online content creators/distribution businesses.
So it’s more important to ask if you wanted to watch Netflix created content can you watch it outside Netflix? It’s not a simple yes or no, black/white kind of analysis though. You also have to look at the whole of the industry and when you do you will begin to see how the sausage is made and the antitrust nastiness.
Say you want to create a movie/show you contact film company A, Director B, actor C. Turns out you can’t hire any of them because they have contracts with Netflix. New content creators can no longer compete or even enter the market to compete and new distributors will not have any content to distribute so they won’t be able to compete or enter the market.
Even if it results in more/cheaper content, which may or may not be something to brag about, ultimately a competition is harmed and lack of competition is what harms the consumer.
Netflix has over 208 Million subscribers each paying a monthly fee. They are taking in multiple BILLIONS every month in revenue.
They are also in complete control of their expenditures. They don't rely on commodities or regulations. If that isn't making money then I don't know what is.
Netflix's stock price is 480x what it was 20 years ago. It has a market cap of 280 Billion dollars.
Are you one of the people that said "amazon doesn't make money" because they used their revenue to expand for multiple decades?