As long as HBO GO still requires a cableTV subscription (and HBO subscription), Netflix has nothing to fear about.
I'm sure Amazon, Apple, Google and others are ready and willing to pay HBO for an option that bypasses the cable requirement, and at some point it may be lucrative enough for HBO.
On the other hand, Comcast probably has HBO over a barrel, given they also own the last-mile for millions of internet users as well.
As long as HBO GO still requires a cableTV subscription (and HBO subscription), Netflix has nothing to fear about.
While this is true, I have to think HBO has already built a payment system and is literally a flip the switch away from charging customers directly for streaming. Netflixs CEO is future looking if nothing else, and I'm sure he's come to the same conclusion.
In December, Netflix CEO Reed Hastings told an investors conference that HBO's online viewing service, HBO GO, was "the competitor we fear the most."