"The thing I find interesting with Netflix is how much they spend on content and what a terrible rate of return it has."

Bingo - that's the real reason for the long term (or secular ) decline we're seeing. With 0% interest rates, it didn't matter what the payoff time horizon for Netflix was. With 4% interest rates, longer horizons are gone. Couple that with Netflix being a discretionary expense, and we see the compounding effects of inflation.

Two things will happen - we'll see the real value of Netflix's library content. Do people really value that at $12 per month.

And we'll also likely see an appreciation in the value of the library content from legacy studios like Paramount/NBCU etc. - who have complained for the longest time that this is undervalued relative to Netflix.