[jfman]

It's actually easy to imagine Netflix declining. You yourself are the biggest advocate of a streaming future with a large number of providers. It is simply not realistic, in any market, to expect that a large number of new entrants will not have a negative effect on incumbents. Consumers don't have infinite cash so will make choices as to which provides best value. You also point out how flexible the price plans are, making them disposable quite easily.

Netflix doesn't own much of the content on it's platform so the long term risk is that the new entrants happen to be the content owners themselves weakening the position of Netflix significantly.