alt Hacker NewsNetflix didn't lose content by choice. Actual right holders decided to pull their content and create rival services.
Has nothing to do with perceived enshittification by Netflix (even though they have enshittification too).
Spotify is under the same threat: they have no content that they own. Everything is licensed.
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But, Netflix did lose their content by choice! Way back in the 00s, you could pay Netflix something like $5 a month, and they would mail you physical DVDs of almost any movies you could ever want to watch. In fact, my recollection is that the physical library was generally much more extensive than the streaming library, at least through the early ‘10s.
Sure, they had the rug yanked out from under them with digital streaming, but they very deliberately put themselves into that position when they pivoted to streaming in the first place.
I thought they started producing their own podcasts. Can't bring in much though.
Spotify is banking on AI music which is enough to tell you everything you need to know about the company, their C-suite and their opinion on music.