Rather than a content delivery service.
They have become one of the cable channels. Since their foreign content is only leased tempoarily it seems to me they will inevitably drop their streaming service/subscription model and go directly to a la cart show subscriptions. Maybe new episodes cost a dollar to watch. Old series 25 cents for a couple hours.
Then that will evolve with Netflix breaking off into two or more companies. One a delivery ecosystem; others the new cable production channels.
Interestingly I think Apple is the biggest threat to them with an alternative content system already up and running. Question is will they start/invest in their own production companies or simply buy out HBO or some of the other channels with original content.
I think the Big Three are all dead within 10 years along with cable.