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.