For people who don’t follow the stock market, Netflix has been dealing with a tough year after it became apparent the streaming service took a 200,000 subscriber hit earlier this year. This caused the company to lose more than half of its stock value. A single share of Netflix used to be at around $600, and now people can purchase stock for $175.

As an additional result to the Wall Street consequences, there have been a wide array of layoffs happening within the streaming giant. Netflix employs nearly 11,000 people and the after jobs lost earlier this year, the trend seems to be reduction in all departments, rather than a single area of the corporation taking a hit. More rounds of jobs lost will continue as there’s no end in sight for Netflix’s current financial status.

This is incredibly bad news for Netflix, and what probably feels like a big relief for its competitors. While Netflix is one of the original streaming platforms, in recent years there have become a plethora of new platforms such as Peacock and HBO Max. If something doesn’t change for Netflix it could potentially mean a dethroning of its top spot further down the line.