All true, but this part of your GP comment:

> a company that fundamentally only does a single thing, which is this

… isn’t true. From the couch, watching Suits and watching a live sports match may seem similar but they’re very different technical problems to solve.

Or in other words: In one case the "stream" is stored on a harddrive not far away from you, only competing for bandwidth in the last section to you. In the other case the "stream" is comming over the Internet to you and everyone else at the same time.