Netflix had a boom year during the pandemic, thanks to millions of Americans left stuck at home.  But now the rise in vaccinations might be hurting the company’s business.

Netflix says new subscriptions shrank to 4 million last quarter – and are expected to plummet all the way down to 1 million next quarter.  Compare that to the whopping 16 million new subscribers added last year as the pandemic began.

Many have noticed that this drop in Netflix subscriptions is coming as vaccination rates surge higher and higher – though Netflix believes part of it is due to a “lighter content slate” in the first half of 2021.