Netflix just needs to make more better movies and shows. They are creating a lack of incentive to keep the service, even if there's a few shows that are popular/acclaimed like Stranger Things or Orange is the New Black, The Crown; it's just so few. Most of their originals and bought stuff is disposable. As for their library of other movies, you can watch anywhere else with better libraries like HBO Max. I'd rather watch HBO Max with an older but better backlog than Netflix where I could just buy The Irishman on criterion. Netflix needed to build a good backlog of original movies/shows like WB had for decades and for the most part they've failed.
Not to get reactionary, but the loss of subscribers could mean their decisions are catching up. It could be a portent to something worse in streaming if these streamers like Amazon and Apple if they don't get their acts together. Streaming is here to stay, but if they want to stick around and compete, you can't just burn through billions for content sake.