Given the state content licensing, I actually think that is the case. Netflix cant compete financially with Apple or Amazon, or on content against Disney, Paramount or WB. HBO is an absolute best case scenario, but HBO was owned by Warner and ATT, so they had (IMO) better resources.

Netflix is a zombie unless they can either produce some very popular series or the government starts taking antitrust seriously and either divorces producers and distributors or forces FRAND licensing for all content.