Netflix serves nearly all of its video from a server down the street from you via its OpenConnect infrastructure. AWS only hosts its microservice graph that does stuff like determining which videos and qualities you should be offered.
That being said, its core product has been nearly comoditized. When Netflix entered the market, delivering long form high quality video over the public internet was nascent. Now everyone and their grandma can spin up a video streaming service from a vendor.
Any chance you would be able to point me to a good source or article describing/explaining the first half of your comment? I.e. someone getting into the nuts and bolts?
Netflix is a platform - their strategic advantage is in their content sourcing and development pipeline which is fed the unique insights on audience preferences. This is distributed with recommendation algorithms and UX. It could be argued, like someone also already pointed out, that this infra aspect is a commodity at this point.
That being said, its core product has been nearly comoditized. When Netflix entered the market, delivering long form high quality video over the public internet was nascent. Now everyone and their grandma can spin up a video streaming service from a vendor.