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1.
When an online company takes so much business away from a storefront business that it is forced to shut down.
John: Hey, did you hear Borders is closing?

Jane: Yep, all of those digital book readers took all of their business away. It's called the Netflix effect.
by prufessa July 21, 2011
 
2.
When a person watches a TV series on Netflix and subsequently at least one season behind. Can cause confusion among fans when people under the effect do not know of recent events of the series.
Friend 1: Hey dude, did you like *insert show title here*?
Friend 2: Yea it's one of my favorites. Did you catch last episode? It was crazy what happened.
1: Oh. I only saw up to last season, I got Netflix.
2: You're under the Netflix Effect dude, you have no idea what you're missing out on.
by Tree656 May 03, 2012