Comment Plex + Media collection = Who gives a crap (Score 1) 323
There's this thing called Plex Media Server.
Plex accesses locally defined content libraries, scrapes them for metadata and makes them available both locally for clients smart enough to play back the raw data or transcodes them for access by dumb (DLNA, like Playstations or the like) or reduced-capability clients like iFruits. Furthermore, it negotiates authentication-based access and sharing with the Plex Web Service, meaning that you can expose your media collection over the internet, for access outside your home or use the service to share with others. Plex isn't supported by as large a collection of consumer electronics as Netflix, but it is on a lot of smart TV systems and runs on most mobile and desktop platforms.
If you already have a respectable collection of local media and a half-decent computer you're willing to leave on, you more or less have a streaming media service that is entirely under your control. If you're enough of a nerd to be reading this deep in a Slashdot comment thread, you're also enough of a nerd to figure out how to leverage Plex or something like it to make a content service that is satisfactory for your needs.