1) Netflix's scale is now so big that people watch shows because they're on Netflix, not the other way around. Creators want to be on Netflix to reach a global audience (i.e. The Last Dance). This creates a virtuous cycle leading to more scale. Distribution is king, not content. https://twitter.com/cap_zay/status/1285045018546274305

2) The argument that Amazon and Apple will pour $20 billion a year into content and crush Netflix just hasn't happened. And that's before considering all the iterative user experience aspects that Netflix is constant testing and refining.

3) Peacock, HBO Max, or Disney+ can make good shows, but they will never achieve the scale such that they are the default place for a person to "see what's on".

4) Netflix has $6 billion of cash (more than two years of cash burn on a rapidly improving cash flow profile) and has signaled that the need to raise debt is increasingly diminishing. If anything, COVID demonstrated the myth that Netflix is about to run out of money.

Lastly, I'd still bet on Netflix even if they didn't have a scale advantage just due to the unique culture and incentive system that they've set up there.