Netflix reported earnings on Wednesday night, and the results were disastrous. The company saw its first major loss in US subscribers last quarter, and a mere 2.7 million paid customers added globally, nearly half of what was forecast. Stocks dropped by more than 10 percent just after the report came out. It’s a terrifying slowdown for a service that’s based on subscriber growth, and raises new questions about how long the company can justify its content spending spree.

Netflix will have some competition on its hands very soon. Disney will be the strongest of them all (Disney+, Hulu, and ESPN+), with Apple and HBO Max right behind it. This streaming war is heating up, and the winner will be the consumer.