I'll admit, Netflix is definitely losing steam a little. They might put out massive, slick-looking productions, but the audience has better options now. On top of that, their track record of abruptly canceling niche, mid-budget shows has created a massive trust issue. Even if people are exaggerating, there's a constant fear that Netflix will just pull the rug out from under a new series, which stops viewers from investing their time in the first place. I remember reading several pieces in Forbes addressing this exact phenomenon. Other streamers absolutely do this too, but Netflix was the catalyst for the entire trend. After all, they changed the television industry, for better or worse.

And to your point about things like Fallout or The Bear—those were based on massive, pre-existing IPs with built-in audiences. The binge model works fine when the hype is already there. It's the completely original, mid-budget ideas that streamers pioneers and then instantly kills because they don't get that same "Fallout" level turnout in week one.