I'm pretty sure it will,,,,,, unfortunately. It's already stratifying. It seems to me Netflix is having problems getting new material (that they don't make). Thus, I'm seeing lots of old shows and movies which are easy to get appear on their playlists.
At this point, I'm hoping the only difference once the dust settles is timing. For example, Disney runs their stuff then let's Netflix play it. From a $$$ POV this makes sense. If you must see show X on Disney you pay for their service. Once the show is old, Disney can make more $$$ licensing it to Netflix for a period of time. And so on.