[Horizon]

But as you know full well, they're in their growth stage. Remember how long it took Rupert Murdoch to make actual money out of Sky after he launched it.

You seem to be almost wondering why Netflix aren't paying dividends like "proper" companies and that is because they're busy growing first. They have a massive first mover advantage here, the same as Sky did.

If you're expecting dividends from Netflix, try again in about 5-7 years, if you're lucky.

I do not accept at all that their business model is fatally flawed. 151m customers and billions in annual revenues suggest otherwise.

On deep pockets, fatally flawed, business models etc, the best example is Amazon. It took them a long time to generate a profit because they were grabbing as much market share as they could and that is exactly what Netflix is doing now.