On Netflix and the 'Streaming Wars' Narrative

Anyone else getting tired of the 'streaming wars' narrative driving $NFLX commentary? It feels like we're fixated on subscriber adds and content spend while missing the forest for the trees. At 73.115, the valuation still seems to bake in a growth trajectory that's becoming increasingly challenged by mature markets and competition, irrespective of how many original series they launch. I'm starting to think the market is overestimating the long-term pricing power and underestimating churn. Tell me why I'm wrong.