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Netflix
1. Big Studio content licensing - that's why Netflix is heavily investing in content creation and sponsores a lot of European production companies to create different movies & TV Series. As licenses mostly prepared for different regions it's difficult to negotiate on them and it's pretty costly.
2. Entertainment of users - Another big risk is to keep and entertain already existing subscribers of platform with various content and reduce number of unsubscribed users. (That why Netflix have more flexibility and available in more that 100+ countries worldwide, and tries to reach bigger audience.)
3. Rising competition - For a long time Netflix was a leader on streaming market, but as different companies like Disney, HBO, Amazon, etc. start heavily invest in their own streaming services it means that their current user base now have various alternatives where to go, if content of another streaming service would more satisfy them. (Unique content + they deliver ads free streaming service with great user experience)