Ah did not know that. Replace netflix with a company with no EU establishment.
If you have zero establishment in EU whatsoever, fines could be taken from all your EU sales revenue (i.e. any funds en route from EU customers to you), and it could be expected that (after they smooth out the process) they also might get a local (e.g. USA) court ruling to enforce that debt on you, there's a lot of international cooperation between the authorities in regards to enforcing trade law. That will take time, though, so until that you're safe unless you want to take money from EU customers or sell the user/advertisement information to EU (or compliant) businesses - in which case, you'll rather want to be compliant.