It's not limited to Netflix nor Safari.
I have seen the HDCP error with Netflix, Vudu, Amazon, iTunes on my MBA display and while using Airplay to an AppleTV with content that is not even protected by HDCP. It really doesn't make much sense and why a simple reboot fixes it??? I don't think I've seen the error since the 10.10.1 update, so (crossing fingers) maybe it's fixed.
I've seen iTunes play a movie that's been purchased, but pop up the HDCP error if I try to play the trailer. What's up with that?
Go looking for a new movie - check out 6 of them, 3 of them the trailer won't play due to HDCP error, the other 3 play just fine.
Reboot, and they all play. I'm beginning to think it is a memory handling problem.