In mid-February, Greg Peters, the co-CEO of Netflix, strode onstage at the Hollywood Palladium, an art deco concert venue in Los Angeles, to deliver a pep talk to what the company calls its New Employee College. Dressed in a button-down shirt and white zip-up sweater, Peters, lanky with striking green eyes, gave a summary of Netflix’s history before analyzing the competitive landscape. Traditional media companies such as Walt Disney Co. and Paramount Global, which had been slow to introduce stre...