In 2012 Youtube did the Red Bull stratos live stream with 8m concurrent users. We're 12 years later, Netflix fucked up.
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The only reasonable way to scale something like this up is probably to... scale it up.
Sure, there are probably some generic lessons, but I bet that the pain points in Netflix's architecture (historically grown over more than a decade and optimized towards highly cacheable content) are very different from Youtube, which has ramped up live content gradually over as many years.