Honest question: could some of Netflix's enshittification be because of the media industry, and not their fault? The fragmentation of streaming was the opposite of what they wanted. So maybe his point is that it's impossible to compete because the industry is so powerful and greedy that they couldn't hold onto their monopoly. Spotify has been able to hold onto theirs because record labels hold less power and don't want to get into the streaming business.
the enshittification is just the visual media version of the end-stage capitalist cashgrab we can see across the board. Weird how they think hoarding money will save them, when the collapse they work for will make money worthless.