>Netflix has their content as their moat.

Only Netflix-produced shows apply here. Before Netflix started producing content they had *no moat*.

That's the big problem with media streaming - the content owners have all the leverage. Any profit you make they can see and simply increase licensing costs to transfer to them. If you don't want to pay they can (and will, and have done) start their own competitor since the technology isn't a moat - content ownership is.