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1.
1) A disc from Netflix that has been sitting in your home for over a month, meaning it is no longer just a movie but an addition to your household, and must be fed and watered.

2) Movies for your pet.
1) Al: "Hey, these DVDs have like an inch of dust on them. What's the deal?"
Bob: "Oh, I keep meaning to watch those. They've been sitting there six months, so at this point they're Petflix.

2) Cindy: "Oh honey, the dog gets so sad when we leave him here all day while we're at work."
Dan: "It's cool, baby, just put on some Petflix and that'll make him happy until quitting time."
by President Warren G. Harding June 14, 2011