Seeking Alpha Seeking Alpha Portfolio App for iPad  As Comcast's
(CMCSA) recent $16.7 billion acquisition of the remaining stake
in NBC Universal shows; the future is in content, and it's not
cheap. Netflix (NFLX) is no stranger to the notion with a
renewed emphasis on proprietary content like their new series,
House of Cards and its ubiquitous focus on the children's
programming niche with companies like Dreamworks. As I see it,
Netflix has three challenges going forward: 1) The arms race to
secure exclusive content (non-exclusive content will not secure
premium payment), 2) Sustain the growth rate in revenues to pay
for the increased costs of procuring additional content. 3)
Establish value in their platform to retain membership as the
market shifts to streaming content due to the rise in
smartphones and tablets. Based on valuation, the market seems to
think that Netflix is poised to meet these objectives, at least
in the near term. I contest however, that Netflix is due for a
return to a more sensible valu