As Netflix has shifted toward original (and exclusive) shows and movies, the size of its catalog has gone down.

Research last month showed that since January 2014, the number of titles available on Netflix in the US has shrunk by 31.7%. This was particularly pronounced in movies, where Netflix's selection had gone down by over 2,000 titles.

Netflix now actually has 4 times fewer movie titles than Amazon Prime Video, one of its major competitors (which recently rolled out a standalone option), according to research by Barclays.

Here is a chart of Netflix's catalog compared to Amazon and Hulu:

Netflix still has the edge in terms of number of shows over Amazon. But that's not the case with Hulu, which beats Netflix on both number of shows and movies.

But quantity isn't everything. Netflix's main thesis has been that original shows and movies drive more value for its customers, even if they are expensive to produce (and might be causing a reduction in overall catalog).

This theory has at least somewhat been borne out. Netflix originals have an average rating of 3.87 stars (out of 5), higher than the 3.47 stars "other content" averages, according to research by AllFlicks, a site that tracks Netflix's catalog.

And though Netflix began its journey into original content with shows, lately it has gone on a shopping spree for movies at places like Sundance. It also plans to spend $90 million on a new Will Smith movie, according to Deadline.

All told, Netflix has said it will spend about 5% of its content budget on original movies going forward. And the company plans to spend $5 billion on content in 2016.