I was thinking the same thing as you above, about the Netflix comparison. I wish I had owned their stock before they reported earnings a few days ago...it went up 25% in one day. But then, that's because the stock's price was rigged by all the big time firms and insiders. They deliberately hammered the stock ahead of time, so they could be long at a good price, in time for it's big "earnings surprise"...then they cash out.
Adobe may well be hurt by the cloud and subscription model. Time will tell. All I know is, I have all the photo software I need for now. I just bought a new camera, and doubt I will replace it within 3 years. And in that amount of time, who knows what will happen?
If Adobe's pricing strategy for a subscription service, means I have to pay $50 a month, if I make any money at all from photography if I use their software...there are certainly months where I would be losing money. Seems that would definitely drive their customers away.
A similar thing has happened with higher education. You would think they're pricing themselves out of existence. Except they aren't going away, they're here forever, no matter how much they raise tuition, or how corrupt their boards are! The model is broken, the government is funding student loans with taxpayer "money"...which is really just adding to the deficit...and racking up more interest as it goes. I guess the bureaucrats figure if the public is willing to let the US Post Office lose $11 billion annually, or however much it is now...and is willing to waste billions on "investment" in "renewable energy", such as Tesla Motors, and Fisker Automotive (now bankrupt)...and "First Solar"...and billion dollar windmills...and million dollar "junkets" to Las Vegas by government accounting offices...Then they must also think the public is more than happy to flush their children's and grandchildren's futures down the toilet, in order for them to go enjoy their young lives in blissful ignorance...partying away with reckless abandon, even at ivy league schools...all on your dime...or even penny...which is really their future negative dollar. Then when it comes time for those kids to go to job interviews, they start texting during the interview. Why? Because you raised them to be that way! You raised them to think they are the most important generation in the history of the world. The opposite is closer to being accurate. Then they have the nerve to go protest at a bank's front door...all while constantly texting on a smartphone whose maker is hording $140 billion in cash, overseas no less.