https://www.vice.com/en_us/article/bvneva/netflix-is-a-victim-of-its-own-success

Netflix stock is plummeting, it's hemorrhaging subscribers, and the company is pledging to finally crack down on password sharing. The company that once completely transformed the landscape of television and movies is now also a victim of that change.

This isn’t to say that Netflix is dead or dying, just that it has, for the moment, saturated the market. The platform is losing subscriptions and trying to get people to stop sharing passwords because there are simply no longer a significant number of new subscribers to get. Netflix invented the model of streaming television and movies that is now dominant across the industry. The problem is, now it has actual competitors in that industry and is no longer its ruler by default.