I strongly disagree with this idea. The current netflix model allows people to sign up for free , binge watch the shows they want and simply cancel the same. Going forward, it is going to be tough to add new subscribers unless they consistently produce good ORIGINAL content. This would ensure that the rate of rise in costs would be more than the rate of rise of new subscribers.
From a valuation standpoint, even if I assume they make $5/sh per year going forward, it could be valued at 150-200 assuming a 30X-40X forward PE.