They have a very large studio actually:
http://www.latimes.com/business/la-fi-netflix-bronson-201701...
http://variety.com/2017/digital/news/netflix-expands-lease-h...
> They don't syndicate their shows, they don't sell much merchandise, and they don't sell their "prediction models" or user data.
The OP said "Amazon has assets". But using your argument, Amazon doesn't use any of their assets either, except for themselves.
The point is they have things they could sell that have value if they had to, just like every other public company's assets.