That is what I used to think, until I heard my friends across the ponds cant watch House of Cards, because of geoip restriction. Netflix blocked countries from watching their self produced TV series, because they wanted to make more money though licensing deals.
This assessment is not entirely fair. Netflix sold the European rights to House of Cards well before they entered the European market. Also, you can watch House of Cards in Europe (at least in Germany), but you have wait 12 months or so for the latest season.