Well, there's more than one HBO-like service (e.g., Showtime, etc., exist) just as there is more than one Netflix-like service (plenty of subscription-based video streaming services exist), but that doesn't stop the fact that Netflix's streaming service is pretty much in the same position with regard to content producers as HBO was when it first ran into premium cable competition, and its route to sustainability in a market where it is no longer the sole player is pretty much exactly the same thing as HBO's was in the same situation -- stop being primarily a route to other people's content and instead become a premier content producer that also provides other people's content, so that you have (1) a compelling reason for consumers to choose you when other services exists, and (2) protection against content producers raising their rates so that all the profit from your business goes to them instead of you.