This week, Netflix took home more trophies from the Emmy Awards than any broadcast TV network. As the stars of its smash show Queer Eye would say: “Can you believe?” The haul looks like vindication of the streaming service’s decision to carry on spending heavily on content, but it also means the company’s debt-fueled model remains as far from breaking even as ever. There is a good reason for the US-based group to keep its foot on the gas. Not only is it competing with start-ups such as Amazon Prime and 21st Century Fox-backed Caffeine, but traditional companies such as Disney and AT&T. For now, Netflix has the lead. YouTube lacks its prestige programmes, Amazon Prime and Hulu have less content. Viacom has agreed to produce a Nickelodeon series for Netflix, showing that not every media company wants to compete. Some are more interested in co-operation. Netflix will go on broadening its content. Its glossy US drama series will be ballasted by more local-language films and TV shows. Wo...

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