Can this really be classified as a "crash"? They're a 20+ year old company, a hugely successful business, and likely to continue to be a major player in both entertainment & tech for the next decade+. Perpetual high growth is a fantasy.
Sure they've been a publicly traded company for 20 years but most of the first 10 of that they were mailing DVDs to people. They've really only been in the original content game since 2012 so just about 10 years. And the latest incarnation of Netflix a full-fledged Hollywood studio operating in a very capital intensive, competitive and increasingly crowded environment is even younger still. The history of Hollywood is littered with companies that have gone out business. It wasn't long ago that MGM one the oldest(1924) and most storied names in Hollywood went bankrupt.
It is a crash because the stock tumbled far below pre-pandemic to 2017 levels, with still more bad news to come...