Nobody I ever talk to cancel Netflix because it’s too expensive. They cancel it because it runs out of content they care about. Including me. I’m not keeping a sub for that one week a year I find something I enjoy.
It's both. I canceled when they increased their pricing again (a few months ago), because there's no way I'll pay more when neither the service nor the catalog gets better. I would have kept my subscription if they hadn't increased the price, regardless of any changes to the catalog.