If you’ve noticed the number of movies and TV shows on Netflix diminishing in recent years, you’re not alone. According to a report from Netflix catalogue tracker AllFlicks, Netflix had 6,494 movies and 1,609 TV shows in its U.S. catalogue in January 2014. As of last week, those numbers had dropped to 4,335 movies and 1,197 shows—a 33 percent drop in movies, and a 26 percent drop in TV in just about two years. While the report is scant on details, there’s a few reasons why Netflix’s catalogue is looking smaller these days.

The streaming giant has placed increasing emphasis on exclusivity, Business Insider reports, both in terms of its Netflix original series as well as in terms of exclusive content—titles that it can license and thus aren’t available on other platforms like Hulu and Amazon Prime. Netflix, which has a market capitalization of about $41 billion, has said it plans to release about 31 original shows in 2016—doubling its annual output from 2015. Though Netflix doesn’t release viewer metrics, Netflix chief content officer Ted Sarandos has said that more than 3 million people watched the Idris Elba Netflix original movie, Beasts of No Nation, last year. Netflix and Amazon alike cleaned house at this year’s Sundance Film Festival, too, providing a formidable enemy to traditional theatrical distributors. “We are shooting bullets, but Netflix and Amazon are using machine guns,” one source at a theatrical distributor said.

The streaming space is also crowded, and Netflix is vying for customers by competing with Hulu and Amazon Prime, among others. If all of these services are bidding on streaming rights for the same shows, it could be driving up prices. Since Netflix has invested in its own programming, it may be bowing out of these bidding wars, passing on titles. Netflix seems to think that its exclusive and original content—particularly high-quality shows like House of Cards and Orange Is the New Black—will keep people paying for its service, so while Netflix’s catalogue overall might continue to shrink, its own cache of original movies and TV shows will continue to grow over time.

Netflix is betting, in other words, that its more than 75 million customers will pay more for quality over quantity. “The more we have incredible value, the more we have amazing originals, then we are going to be able to ask consumers for more to be able to invest more,” C.E.O. Reed Hastings said last year.