A company would need to spend billions upfront for content, and with no paying customers to start with I doubt they would be able to survive a long head to head battle with Netflix. "No moat" is just another myth that Netflix shorts have conjured up, the others are "broken business model", "off balance sheet problems" "heated competition".
The jargon 'Moat' referring to obstacles confronting potential competitors isn't fatal or uncommon. If it were nobody would go into business. Companies prosper by leading and executing. Netflix has led.
But I do think Netflix's 'Everything for $7.99' policy is a failed model. It cannot monotize the cost or revenue potential of current movie streaming. That's where the money is IMHO. 80% of Coinstar's $562mm gross profit comes from current movie DVD rental.
Unless they charge separately for current movie units (like Amazon and Redbox) Netflix will always be struck with a dated inventory. They simply cannot afford to buy current movie rights.
Netflix is taking a different path. They think they can succeed with TV series, international growth and original content. I doubt it.