The future of most media is video-based, and I think Netflix probably understands this and is trying to get away from the historical model as movies you watch online and closer to the optimized video ecosystem of YouTube. The latter is more relevant in a world with video-playing devices everywhere.
Even in real-time... My wife will literally watch Facebook Reels on her phone while we sit on the couch at night to watch something on Netflix together.
Anyway, I was thinking about this too when the article talked about the data from Amazon showing that viewers preferred stuff from the 90s and 00s over their newly produced content: How are Netflix, Amazon, etc. doing with young adults? If the audience is all Millennials and Gen-X folks, because Gen-Z folks are exclusively watching short-form video instead, it would make sense that stuff from the 90s and 00s would be the most popular. Like I think this is a well-established phenomenon with music, where a person's lifelong preferences will be fixed on whatever they first heard during their high school or college years. I will absolutely pay for a streaming service that gives me access to all the movies and TV series from, say, 1990-2015 and never adds any new content.