People always say this, but there are plenty of companies that have been "chasing short term profits" for decades and are now worth hundreds of billions or trillions of dollars.

Plenty of armchair CEOs on this site who simply don't appreciate the market position and power of the companies they judge. I'm not saying this won't be bad for Netflix long run, I'm saying I simply don't know. But I would bet that Netflix management have spent a lot more time than either you or I to understand the implications.