What happened

Shares of Netflix (NFLX 4.17%) slumped Wednesday morning, falling as much as 5.5%. As of 3:26 p.m. ET, the stock was down 1.2%.

The broader market was selling off today, which no doubt helped fuel the decline. However, a recent survey suggested that the streaming giant could face far greater subscriber losses in the coming months.

So what

Consumers may have finally gotten fed up with Netflix's price hikes, according to a study conducted by Reviews.org. The organization surveyed 1,000 Americans, asking about their streaming habits, subscription services, and their feelings regarding Netflix -- and the conclusion was shocking. 

The results revealed that 25% of Netflix's U.S. subscribers plan to cancel their subscription this year. That could amount to as many as 18 million paying members, according to the report. When asked to provide the reason they plan to leave, 40% blamed the rising cost of a Netflix subscription, which has nearly doubled over the past eight years.

The news wasn't all bad, as Netflix boasted not only the highest percentage of users -- with roughly 78% of Americans subscribing to the service -- but was also the most watched, with 70% of respondents saying they view Netflix more than any other streaming platform. For context, Warner Bros. Discovery's HBO Max came in a distant second, with 10%.

Now what

So far this year, Netflix has lost about 1.2 million subscribers, though the company suggests that the cancelations have leveled off, returning to pre-price hike levels.

It's easy to vent to a surveyor about frustrating cost increases during tough economic times, but when it comes right down to it, Netflix is still one of the best values in town. A deep library of content, combined with must-see titles like Stranger Things, Squid Game, Bridgerton, The Witcher, and Money Heist offers viewers plenty of bang for their buck, recent gripes notwithstanding.

Furthermore, Netflix's long-awaited advertising-supported tier -- which is expected to launch next month -- will offer viewers a lower price point in exchange for watching a few commercials. This will provide another option for those unhappy about the rate of price hikes.

Investors will want to watch the rate of subscriber growth and the reception of Netflix's ad-supported tier for signs of mass defections. Until then, however, Netflix remains a buy.