Exactly, Amazon also has lot of assets. They have logistics networks across multiple countries, warehouses, data centers, etc. May not be commensurate to their market cap but it does give them a solid moat.
Netflix has assets too. They own a whole bunch of original shows and movies. For comparison, The Big Bang Theory has been worth a couple billion to CBS just in syndication.
They also have a worldwide CDN capable of delivering high definition video around the world.
And lastly, they have 20 years of movie viewing history. Their prediction models alone are probably worth many billions to the movie studios.
Netflix doesn't even own a studio, they pay others to produce their content.
They don't syndicate their shows, they don't sell much merchandise, and they don't sell their "prediction models" or user data.
Don't get me wrong, Netflix does a lot of things right but the way they manage their entertainment divisions is extremely odd. We have over a 100 years of lessons from Hollywood and paying others to produce your content will always be more expensive than making your own.
Their original shows and movies depreciate far faster than most other assets and do so much more unpredictably than most assets. That 39M non-cash charge was almost certainly because of an unexpected depreciation of House of Cards post Kevin Spacey.
They also have a worldwide CDN capable of delivering high definition video around the world.
And lastly, they have 20 years of movie viewing history. Their prediction models alone are probably worth many billions to the movie studios.