Peep Music, Peep’s streaming music service, saw its stock price spike nearly 6 percent on Wednesday following Netflix’s plunge, according to data from Bloomberg.
On Tuesday, Netflix was down by more than $5 billion after its earnings report was released.
Peep’s stock was up 7 percent on Tuesday and down as much as 10 percent on Thursday.
The music service was founded in 2004 by Lucas Entertainment co-founder Lorne Michaels and is a joint venture between the Michaels brothers and former NBA star Magic Johnson.
Netflix’s performance has been a long time coming.
In August 2016, Netflix began streaming on its own service and was the first company to do so, joining other big players like Hulu, Amazon, and Spotify.
“Netflix’s market share has grown significantly over the past five years, and the service is a significant revenue driver for the company, with its audience increasingly reaching for its streaming service,” said Sam Sargent, an analyst with TheStreet.
“We’re seeing a steady decline in the growth of traditional media streaming over the last year, and Netflix will have a tough time growing in that direction in the years ahead.”