Netflix's streaming catalog is about to lose nearly 2,000 movies.

As of May 1, Netflix will officially have 1,794 fewer titles in its streaming repository. Now, before you freak out too much, this isn't as bad as the Great Netflix Starzageddon of 2012. After Netflix and Starz were unable to renew their streaming agreements with one another, more than a 1,000 films — including many of the newer films in Netflix's streaming catalog — disappeared from the service.

This time, most of the titles (you can see the full list here) are inconsequential and include titles such as Caged Fury (yes, that's a real movie starring Erik Estrada) and 1998's Deep Impact. Still, we're also losing Cruel Intentions, which makes my 16-year-old heart break into thousands of tiny pieces.

For his part, Brobible's Andy Moore will be doing a viewing party for Big Daddy tonight.

I will be hosting a Big Daddy watch party tonight for anyone interested in watching before Netflix kills it tomorrow. gothamist.com/2013/04/30/179‚Ä¶— Andy Moore (@andykmoore) April 30, 2013

So why are these titles leaving Netflix? Licensing. The titles belong to Warner Bros., MGM and Universal and will soon only be accessible through the Warner Archive Instant service — a service I didn't even know existed. For $10 a month you can get a selection of streaming films only slightly better than what Redbox Instant offers.

While this purge might not be of Netflix's most important titles, it could be a sign of things to come. Earlier this month, Netflix CEO Reed Hastings said that he was considering letting a broad television deal with Viacom Networks lapse. That would mean that shows from Nickelodeon, MTV, VH1 and BET could all disappear from the service at the end of May.

Now, losing Cruel Intentions is one thing, but if I lose Teen Mom and SpongeBob SquarePants, I'm seriously going to be unhappy.

What sub-par Netflix movie will you miss the most? Let us know in the comments.

UPDATE, April 30, 8:46 p.m. ET: Joris Evers, director of global corporate communications at Netflix, told Mashable:

"Netflix is a dynamic service, we constantly update the TV shows and movies that are available to our members. We will add more than 500 titles May 1, but we also have titles expiring, this ebb and flow happens all the time." "We are selective about what’s available to watch on Netflix. We often license TV shows and movies on an exclusive basis, so we can provide a unique experience. We’ll forego, or choose not renew, titles that aren’t watched enough. We always use our knowledge about what our members love to watch to decide what’s available on Netflix. Our goal is to be an expert programmer, offering a mix that delights our members, rather than trying to be a broad distributor.”

Mashable composite, image courtesy of iStockphoto, shaunl, Netflix