VP9 outperforms H.264 (libvpx versus x264) for Netflix's use case. Here are some articles from the Netflix TechBlog on their experiences with VP9 and their encoding approach in general:
https://medium.com/netflix-techblog/optimized-shot-based-enc...
https://medium.com/netflix-techblog/more-efficient-mobile-en...
https://medium.com/netflix-techblog/netflix-downloads-on-and...