Netflix is also leaning on a lot of debt:
Netflix is burning through cash. This can't last forever - CNN
Wall Street doesn't seem to mind. Netflix keeps rapidly adding customers and revenue continues to climb sharply. By spending gobs of money and borrowing aggressively, Netflix has built a formidable moat around its business that will make it harder for new and existing rivals to catch up.
But Netflix can't burn that kind of cash forever, especially if market turbulence limits the ability of debt-laden companies to tap the junk bond market.
"It's not sustainable," Neil Begley, Moody's senior vice president, told CNN Business.
Bloomberg -- How Netflix Could Eventually Stop Losing Money
Buzzy original thrillers like “Bird Box,” or choose-your-own-adventure gambits like “Bandersnatch” aren’t cheap. And as Netflix’s public profile has climbed, so have its losses. Analysts predict that the company will report about $3 billion in negative cash flow for 2018, up from $2 billion in the previous year. Fans of wildly expensive, high-quality television should hope the company can figure out its balance sheet.
The most obvious solution is for Netflix to just continue to increase the number of people who subscribe to its video-streaming service. Its core growth strategy has paid off so far. And recently, the company has taken on a more global focus, creating content for countries all over the world. As part of this approach, it could also further increase the price of a subscription.