Miniscule? It’s down 72% in 6 months, that’s absolutely gargantuan.
Will it probably grow over 5-10 years of course, stocks go up over the long run as the economy generally does (especially ones currently in a long plunge). Will it ever regain a market cap/gdp or market cap/S&P that it had just recently — I am skeptical. Other companies in streaming have a lot of other business whose success are to some extent negatively correlated with streaming fortunes, whereas Netflix is a pure streamer. Some of their recent woes are that they were the first mover, furthest along in the growth curve, and so first to run into issues actually trying to make the content spend and pricing power dance work out with a largely mature sub base. But these same issues are waiting in the wings for other streamers not so far down the road, and most of them are not gonna end up winners.