the biggest risks to Netflix's business model

1. Price - It’s too costly. I’m from a developing country. Basic price of the subscription ($8) is too costly for us. Why should we pay for the thing when we can pirate shows for far lesser price? Many of us would love to have Netflix but the price turn us away. For instance, the Apple music subscription costs here $3. But for USA it’s $10. Apple discounted the price to cater the developing nations. I think if Netflix give the right price, more and more people will buy it.
2. Every show isn’t for everyone - For the same price we pay as some US citizen pay, we don’t get their entire library. Who’s the dumba$$ behind that awesome idea. Why the hell should I pay for them in sweet sweet dollars (which we can’t afford) when we can’t even watch our show. The show is available in US but not here. If they can’t give the entire library, that’s another reason to get the price down.

Netflix's CDN caching and transcoding operations, if not much of its IP transit as well, are leased from Amazon Web Services and various network operators. Netflix's subscriber base and leased infrastructure may now be too large to replace with an in-house alternative, and leasing critical infrastructure from a larger competitor is foolish.

Netflix owns little of the programming in its title library. Disney may pull all its Marvel and Star Wars titles, for instance, to stock its own paid SVOD service. Additionally, Netflix can be easily outbid by Comcast, Google, and other rivals for other content. Not having live programming may become a major disadvantage as the SVOD landscape further fragments.

Rivals like Amazon and Google now manufacture their own streaming media devices, and have no incentive to support Netflix apps on those devices as their market share grows.

Netflix is no longer the sole SVOD platform integrated with MVPDs' DVRs and receivers. YouTube, Hulu, various premium movie apps, and other sources are now part of the same content discovery and search interface for many cable operators. At some point, consumers and MVPDs alike will want to narrow the number of SVOD options sharing their TV's same video input.

Netflix can't ward off implicit predatory pricing by those companies that can bundle over-the-top content with streaming media devices, either.

Netflix is also not terribly generous as a Bay-area employer looking to attract IT talent. “Well, we think our compensation package is attractive” is the refrain that Hadoop engineers were liable to hear before being wooed by AWS.

In a resource-based view of a firm, Netflix lacks inimitable resources to provide a long-term competitive advantage. It can produce a few hit series here and there, but can’t outbid Amazon or Google for every exclusive original title, and definitely can’t wrest control of title libraries of non-original popular series and movies from their owners at NBCUniversal, Disney, etc. if those owners have other plans for licensing or over-the-top service launches.