Fractions of a penny per viewing can only refer to bandwidth costs; it's 1-2 orders of magnitude too small to cover the costs of producing or licensing a show, let alone Netflix' other fixed operating costs.

Everything Netflix talks about is getting users to spend more time watching shows, not less. They certainly want subscriptions because they make more money, but they do it by aggregating a ton of content into one subscription and providing it at effectively no variable delivery cost. The result is that users pay less per hour watched than can be provided by anyone a la carte.