Wonder what if Netflix turns around, and blue oceans [0] its video delivery infrastructure [1][2], like Cloudflare did for text/html. We do know that video has all but eaten up the attention that text/html once had on the Internet [3]
[0] https://en.wikipedia.org/wiki/Blue_Ocean_Strategy#Concept
[1] https://news.ycombinator.com/item?id=28584738
Storing a large number of "cold" or "long tail" bytes is a different physical problem when it comes to storage and IO. And that's also the exact problem you have when hosting lots of third party content (or apps, or lambdas, or anything else). There you're also optimizing for bytes stored:served, but have to place it on cheaper media and with less duplication to make the physical space/power/dollar constraints work.
They certainly could change their business model and infra. But then they end up looking a lot more like a commercial CDN with hierarchal stores, more centralized POPs at IXPs, etc.
Disclaimer: Principal at AWS. Used to work on Amazon CloudFront and a bit of time in AWS Elemental, served a lot of video & streaming bits. Everything above is public domain knowledge.