It was very smart of them to go in to original content some years ago because they saw that the future was in streaming services.
Once other content creators realized they wanted a piece of the pie Netflix would’ve been starved of their productions or forced to pay high licensing fees.
And they have been adapting for sometime, but the truth is that they are falling slowly behind.
The industry that NetFlix is in will not wait for them to catch back up. And they as a company know that they will fall by the wayside if they aren't willing to invest heavily in original programming.
They have no choice.
And as a consumer Netflix has proven, to me at least, that they're capable of making awesome original content, and distributing it without me having to break the bank. Netflix had a great thing going with its catalog, but then the greedy networks saw how much money there was in this and started jacking up the prices for their content or moving things to their own services like Hulu or new ones they're creating. Other networks are just trying to follow a business plan that they see is successful.
They to are adapting and trying to avoid loosing their relevance in an increasingly more streaming oriented society.
Of course, setting aside the fact that it is incredibly annoying to have to go multiple places for content, the value of any service diminishes greatly for every additional provider who enters the market. People have been talking about slowing down growth for 5 quarters now, and every time Netflix proves it wrong.