[slhck]

That is really a bit of an oversimplification IMO. Please check, for example, the Netflix tech blog and read about what has changed in the past 10 years or so when it comes to architecting video processing and video delivery systems. There's a tremendous amount of engineering work there which advances the entire industry. For instance, it's not trivial to add live events to a VoD infrastructure at that scale — it's not like you just add a few more nodes and buy faster encoders.