>If those company think it’s about content libraries they’re going to lose.

As long as your platform meets some bare minimum standard of reliability (and every service I use seems to be able to) then content is the only thing that matters.

>And I think they’re way underestimating how hard it is to build the technology stack and processes that Netflix has.

I think you are way overestimating the complexity. Sure, it's not something two guys are going to produce in their bedroom, but video delivery is a solved problem.