Netflix is buying Warner Brothers and you think Netflix was wasting money on licensing costs?
More like Netflix's bet that if it didn't share usage information it could keep underpaying for what it was getting paid off.
They didn't have the luxury of first sale to protect their market, though. Which is a very sharp contrast to how they ran the DVD side of things.
So, it isn't that they were wasting money on licensing. Licensing kept getting more and more expensive. Not fully for nefarious reasons, but that doesn't change that it was so.
Netflix decided it didn't want to and caused the whole uproar.