For those unaware, you can spin up your own direct-to-consumer streaming subscription business in a box (assuming, of course, you have sufficient content to entice viewers) with https://vimeo.com/ott . Perhaps the best known brand using them is Dropout TV (formerly CollegeHumor) - see https://www.dropout.tv/copyright .
At a lower level, Cloudflare, mux.com, and others provide streaming and transcoding APIs that a small team of developers can easily weave together for a custom experience.
There is literally zero barrier to entry for a media company to have all the capabilities of Netflix, if they can bring their own customers and marketing. Which, of course, is no small feat, and requires playing in social media sandboxes. But it's increasingly hard to understand how Netflix has the staying power of the rest of FAANG.