I agree. Netflix has first mover advantage as the first big player in streaming, but as content is increasing siloed (i.e. Disney pulling their stuff off Netflix and other services so you will have to subscribe to Disney's service to get it) people aren't going to subscribe to a dozen different services. Instead you'll see them subscribe to services for a month or two at a time, binge watch what they want, then cancel and move on to the next, the "locust model" for streaming.
Once Netflix has to deal with the reality of customers only subscribing for a couple months a year instead of 12, their share price will crater, they will be unable to keep getting multi billion dollar loans to pay for all that new content they've been developing to make up for the lack of other people's content, and FAANG will become FAAMG (because they can't call it FAAG or the PC police will get them, so they'll decide Microsoft is one of the in-crowd now that they do cloud)