Article from The Fool today:
"Netflix's stock is currently trading at 165 times 2013 earnings per share. That's not a typo -- it's really 165. Considering the average P/E ratio for the sector is about 14, the company's stock is valued extremely high. For comparison's sake, video-streaming competitor and online retail juggernaut Amazon sells for 182 times earnings. Reuters pointed out the other day that this makes Netflix the fourth most pricey stock on the S&P 500 right now, on a valuation basis."
The error in that very foolish article is in the premise that there is a sector. Netflix is the sector and has next to zero current competition. Amazon first and foremost(I know the company and many employees) is an entail company and late comer to streaming. They won't release numbers but my guess would be around 5 million that take advantage of the Prime streaming.
Netflix is more like an early Microsoft with it's operating system, ie completely dominant.