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Between 2010 and 2018, Netflix had a golden goose: licensed content. They paid studios like Warner Bros., Disney, and NBCUniversal for the rights to stream The Office and Friends . However, once those studios realized that streaming was the future, they pulled their licenses.

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[Exclusive Content] ---> Attracts Niche & High-Value Subscribers + [Popular Media] ---> Generates Mass Scale & Global Visibility = [Market Dominance] ---> Sustained Revenue & Cultural Longevity Shared Cultural Touchstones Between 2010 and 2018, Netflix had a golden