The problem Europe has isn't that they lack money, the problem is that all the things US tech companies do to get ahead are illegal in Europe. Out of FAANG, European regulators are decidedly against the F/G and probably have reservations about at least one of the As. I wouldn't feel off guard if it turns out Netflix were impractical in the EU due to challenges both regulatory and linguistic.
There have been quite a few social networks in Europe, some of which were more or less direct copies of Facebook at the time. Their decline started around the time Facebook became popular in there. There have been european streaming services years before Netflix was available there and there still are some, mostly owned by TV corporations. I think a lot of european startups focused to much on their starting country,…
Spotify was only available in Sweden for the initial 3 years, and after that they launched in the UK as well. 5 years after the local launch, they expanded into the US.