Here is a problem I have come across twice now. Every time you migrate Apple computers it will corrupt a file so that Netflix will no longer work. So for me I migrated from a MacBook Pro to a Mac Mini then back to a MacBook Pro over a series of 3 years.
The file that gets corrupted is the mspr.hds file, located at:
HD > Library > Application Support > Microsoft > PlayReady > mspr.hds
Simply delete it and you are good to go. A lot of sites recommend you keep the old mspr.hds by renaming it something like mspr.hds.old, but I don’t really see a reason for that — you can always reinstall Microsoft Silverlight.
For me the fix worked instantly. Remember that Netflix’s help line is actually really easy to reach and will help you out.