Netflix has finally admitted to what we all knew.

With the streaming wars kicking off in just a few weeks, Netflix faces serious competition for the first time since it started streaming more than a decade ago.

And that competition from the impending launches of Disney+ and Apple TV+, along with several others from major media brands like HBO and NBC, could have a negative impact on Netflix's subscriber growth.

Netflix disclosed these issues after its mixed earnings report Wednesday that showed a beat on earnings, but a miss on subscribers. The company also predicted it will add fewer subscribers in the fourth quarter of this year than it did a year ago.

And the reasons are obvious:

Price increases cause people to unsubscribe. In January of this year, Netflix raised prices, with its most popular HD streaming plan going from $10.99 per month to $12.99 per month. In its letter to shareholders, Netflix said the price increase was partially to blame for the subscriber miss.

"Since our U.S. price increase earlier this year, retention has not yet fully returned on a sustained basis to pre-price-change levels, which has led to slower U.S. membership growth," the letter said.

The price increases come as Disney+ and Apple+ plan to offer their services for far cheaper than Netflix. Disney+, which includes a massive library of Disney, Marvel and Pixar shows and movies, will cost $6.99 per month. Apple TV+, which will only have a handful of shows at launch, will cost $4.99 per month. (Apple TV+ will also be free for a year if you buy a new Apple gadget like the iPhone 11.)