Netflix is part of the FAANG acronym because they have all these highly paid engineers. Presumably those people have been doing something for the past 5 years in anticipation of being disrupted by Disney/HBO/etc. besides maintaining their CDN and tweaking recommendation engines, but it's not clear what - the product is more or less the same as it always was.
Netflix needs to realize, if it hasn't already, that it's not a technology company, but a production company.
Why do you think they've been investing so heavily in their own content?