Exactly, Amazon also has lot of assets. They have logistics networks across multiple countries, warehouses, data centers, etc. May not be commensurate to their market cap but it does give them a solid moat.
They also have a worldwide CDN capable of delivering high definition video around the world.
And lastly, they have 20 years of movie viewing history. Their prediction models alone are probably worth many billions to the movie studios.
They don't syndicate their shows, they don't sell much merchandise, and they don't sell their "prediction models" or user data.
Don't get me wrong, Netflix does a lot of things right but the way they manage their entertainment divisions is extremely odd. We have over a 100 years of lessons from Hollywood and paying others to produce your content will always be more expensive than making your own.
They have a very large studio actually:
http://www.latimes.com/business/la-fi-netflix-bronson-201701...
http://variety.com/2017/digital/news/netflix-expands-lease-h...
> They don't syndicate their shows, they don't sell much merchandise, and they don't sell their "prediction models" or user data.
The OP said "Amazon has assets". But using your argument, Amazon doesn't use any of their assets either, except for themselves.
The point is they have things they could sell that have value if they had to, just like every other public company's assets.