Usually much more expensive to get a new customer than to keep an existing.

Any gaps in quality content releases might be enough to get people to drop, if only temporarily. Having the proverbial "200 cable channels" make you feel like there something there of value, but most of it is cheap filler.

I would rather have fewer, better shows/series, but I am curious if they shifted to that if they risk higher churn. I watch very little anyway, but every so often I'll scroll through NFLX and each time I'm amazed at how much content there is that I have absolutely zero interest in watching. I know I'm not the target demographic though. Netflix and others are getting enough data to see what people are watching, so even if people don't love it but they still watch it, still a win for Netflix, at least in the short-term as it keeps subs around.