I would like to see some evidence that the competition resulted in Netflix losing a lot of subscribers, and thus money, rather than not hitting their predicted revenue targets. Because I would bet it's the latter and not the former. I don't know of too many people who said, "well, I had Netflix, but Disney is doing streaming video now so I won't be watching Bake-Off anymore." They just ended up getting Netflix and Disney+.

For a while anyway. Now people are dropping these services due to the price hikes. Unless you downgraded your Netflix service when they added lower tiers with fewer options and ads, to maintain the basic Netflix service you had in 2016, you're paying an additional $5 a month today.

Netflix and all the other streaming services are built upon the insane idea that there are an infinite number of new customers that will continue to sign up regularly. Some of them don't even think you need all that much programming to draw them. Paramount+ has a fraction of the original programming of Netflix, Peacock, Apple, Amazon, etc. but still costs $10 a month and will most assuredly continue to raise its prices based on the idea that there are either an infinite number of Star Trek fans or they will have to raise their prices.