[someexgamedev]

Cable subscriptions are a single subscription that gives you access to everyone's content. Netflix's digital innovation is that they did it at a tenth the price.

Now that all the content creators have realized the digital value of their content, it doesn't matter for Netflix whether those networks splinter it out into 20 different subscriptions or hide it behind 1 expensive cable subscription again. Netflix doesn't have that content so they lose either way.

Their only way forward is to become just another content network, OR a cable provider with the same elevated subscription cost. Whichever way they lean, the stock will tumble until they're in line with all their competitors. The gap has been closed.