“I compared Netflix one time to Walmart, not derogatorily,” AT&T CEO Randall Stephenson said Tuesday at the UBS media conference. “It was taken derogatorily. But when I’m shopping and I say I need something XYZ, I go to Walmart. Well, if you’re looking for video content regardless of what it is, people will go to Netflix because it’s just a warehouse, and it’s an impressive warehouse of content.” As Michael Schneider points out, "the perception that Netflix offers almost everything is what keeps subscribers willing to keep paying $10.99 a month, even if in actuality there’s plenty of TV that can’t be found (and never will be) on the service. Netflix has become shorthand for' 'all things TV' in less than a decade, thanks to little competition and a willingness by Hollywood studios to license popular off-net shows like Friends, Full House, and The Office for a handsome fee... And the amazing thing is, even as they finally wake up and scramble to create their own services to combat Netflix’s domination, the traditional Hollywood studios still can’t resist that sweet, sweet cash." ALSO: WarnerMedia may not want to keep Friends streaming rights all to itself because it would have to pay expensive streaming fees.