system
A chat on subreddit /r/wallstreetbets
human
Content that they never need to pay licensing costs for ever again. Also a lot of it is pre-made stuff airing at festivals and such that they've scooped up incredible cheaply. The expensive stuff is getting them shitloads of views and arguably keeping them on the top of people's minds when people talk about streaming content (stranger things, Black mirror, birdbox, etc.)  
  
 They are fucking content geniuses I can't even fathom what you are talking about, lmao.

gpt
all that 'content' is a sunk cost that will produce very little revenue after the majority of subscribers have consumed it. 'views' don't mean dick when you're using a subscription based model. This is why they just whiffed revenue.  
  
 Using HY debt to fund something that will generate revenue one time for the most part isn't a good strategy. that debt ain't going away but the content's ability to generate revenue sure as hell does.