I can't help but wonder whether it's not too late for Netflix because the competition from Amazon.com ( AMZN), Google ( GOOG), Apple ( AAPL) and cable operators such as Time Warner ( TWX) and Comcast ( CMCSA) has increased, and in some cases, these rivals have surpassed Netflix. Meanwhile, content owners have gotten savvy, and many of them are using the increased competition to charge more for their movies. And companies such as Apple, Google and Amazon.com are better equipped financially to pay for the best -- and most highly priced -- content. The company to watch here will be Google, because it could make a bid for Netflix should the latter's shares continue to fall. After all, one of the benefits of its Motorola ( MMI) acquisition was Motorola's successful cable-box business. So in addition to Apple's TV plans, there is the potential for Google TV to become a standard in streaming and home entertainment. Let's not forget the progress that Amazon's Prime continues to make in addition to Comcast's own streaming service. Competitors such as these can afford to pay for increasingly expensive content and gain control of the market, further weakening Netflix. Can Netflix overcome this? Can it win a battle against Google, Apple and Amazon? It is hard to imagine that a year ago the stock was more than $300 per share. What investors are learning today is that as great as the service may have been, that did not justify an outrageous stock price or valuation. Follow @rsaintvilus At the time of publication, the author was long AAPL. . This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.