This release does not have a Play Store Description, so we grabbed one from version 5.4.0 build 20226:

Netflix is the world’s leading subscription service for watching TV episodes and movies on your phone. This Netflix mobile application delivers the best experience anywhere, anytime.

Get the free app as a part of your Netflix membership and you can instantly watch thousands of TV episodes & movies on your phone.

If you are not a Netflix member sign up for Netflix and start enjoying immediately on your phone with our one-month free trial.

How does Netflix work?
• Netflix membership gives you access to unlimited TV shows and movies for one low monthly price.
• With the Netflix app you can instantly watch as many TV episodes & movies as you want, as often as you want, anytime you want.
• You can Browse a growing selection of thousands of titles, and new episodes that are added regularly.
• Search for titles and watch immediately on your phone or on an ever expanding list of supported devices.
• Rate your favorite shows and movies and tell us what you like so Netflix can help suggest the best titles for you.
• Start watching on one device, and resume watching on another. Check out netflix.com for all the TVs, game consoles, tablets, phones, Blu-ray players and set top boxes on which you can watch Netflix.

By clicking INSTALL, you consent to the installation of the Netflix application and any updates or upgrades thereto.

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License Agreement
 
By downloading this application you agree to the Netflix Terms of Use and Privacy Statement, located at www.netflix.com
 
1-month free Netflix membership offer is available to first time and certain former members and cannot be combined with any other offer. Internet access and valid payment method are required to redeem offer.  Netflix will begin to bill your payment method for the Netflix membership fee at the end of the free month unless you cancel prior to the end of the first month. Your Netflix membership is a month-to-month subscription that you can cancel at any time. Go to "Your Account" on the Netflix website for cancellation instructions. No refund or credit for partial monthly subscription periods. A device that streams from Netflix (manufactured and sold separately) and broadband Internet connection are required to watch instantly.

For complete terms and conditions, please visit www.netflix.com/termsofuse
For privacy statement, please visit www.netflix.com/privacy