Until recently, the motivating impression was that Netflix just plain had every movie out there (which its continuing DVD service kinda does). I subscribed because it was a cheap replacement for buying anything I wanted to see: they had everything I wanted and could want. My to-watch list was very long, and I thought it would remain.
Now, studios and competitors are making that model untenable. Netflix can't carry _everything_ because studios/distributors want an ever-larger cut of the profits, and competitors are willing to pay for exclusivity. Suddenly, I find large sections of my to-watch list disappearing off Netflix as contracts expire and don't renew (the biggest blow was when "Toys" disappeared - something old & obscure enough that I thought surely they'd manage to keep that license).
Netflix just pivoted.
They're no longer the long-promised "long tail" of movies, hosting all but the latest & biggest (yeah, I'm willing to pay extra individually for those). They just gave up on that model.
Now they're becoming a "channel" focused on hosting a curated collection, including their own productions.
That's a big shift.