Netflix was a FANG stock that was hyperinflated on growth POTENTIAL and recurring revenue from a market disrupter. 

In the late 90s they put blockbuster video on notice with their mail-order dvds. In the 00's they crushed cable with the push to deliver content over the internet. 

Now with Amazon, Youtube (google), Apple, and Disney they will differntiate with unique content (Stranger things) the same way HBO has survived for all of these years. 

HBO was in the same boat, originally HBO was a cable channel for movies. Then to compete with the competition (Showtime, Starz, etc) they began offering unique content and even live sports (Boxing). This provided them a reason the customer needed to add HBO to their already ridiculously expensive cable bill. 

Amazon bought rights to NFL games.. 

Netflix will do the same. They, like HBO, will offer more and more original content that can only be found at NETFLIX. They can then license these shows to other networks for additional revenue streams the same way HBO licenses shows to Amazon prime.