Everyone is building out their own streaming video platform, and that is presumably bad for Netflix, Inc. (NASDAQ:NFLX), and by extension, NFLX stock. The big news came last week, when Walt Disney Co (NYSE:DIS) announced it would be pulling its content from Netflix in 2019 and launching its own subscription streaming video services.

The ESPN-branded streaming service is set to launch next year. A Disney-branded streaming service is set to launch the following year.

Disney isn’t alone in this trend. They are part of a bigger trend in content consumption. Everything is going over-the-top, on-demand, and mobile. But there is still a whole bunch of content that remains on cable and has yet to make that over-the-top transition.

That implies huge growth in the streaming video on demand space that Netflix currently dominates.

And companies of all types are jumping on the opportunity.

Mobile-based app companies like Snap Inc (NYSE:SNAP) and Facebook Inc (NASDAQ:FB) are also getting into original programming. Facebook actually just rolled out its “Watch” tab, which features several dozen original shows, to a small group of U.S. users. Most recently, consumer tech giant Apple Inc. (NASDAQ:AAPL) is reportedly gearing up to invest $1 billion in acquiring and creating original content.

Ostensibly, this is all quite bad news for NFLX stock. Today’s competitive landscape comprises essentially of Netflix, Hulu and Amazon.com, Inc. (NASDAQ:AMZN). But tomorrow’s competitive landscape will include all those and Disney, Snap, Facebook, Apple and many others.

More competition creates more fears. And that’s why Netflix stock has tumbled more than 10% from its post-earnings high in late July.

But does this sell-off in NFLX stock really make sense?

Not really. Here’s why.

Netflix Has Beaten The Competition Before

Yes, the competition will be stiffer over the next several years, but it’s not like competition hasn’t existed until this point.

It has existed. And it has actually tried hard to compete with Netflix.

For many quarters now, Amazon has pumped a lot of money into its Amazon Video streaming service. That includes huge investments in both acquiring content and producing original content. Hulu has also aggressively invested in both acquiring and producing original content.

But neither have managed to put any sort of dent in the NFLX growth story. In fact, the growth story has only strengthened recently. Last quarter, Netflix recorded its best second-quarter domestic net add number since 2011. Meanwhile, international net adds came in 60% higher than expectations and almost 200% higher than the overlapping period one year ago.

There are two ways of looking at this. Either the streaming video on demand space is so large that everyone can grow for a long time without rubbing elbows, or Netflix is just killing the game when it comes to original content.

The truth is likely some crossover of those two theories. More importantly, neither of those theories imply that more competitive forces will dilute Netflix’s success. So whichever way you look at it, NFLX will keep growing into the foreseeable future.

NFLX Is All About Originals

For what it’s worth, Netflix really is just killing the game when it comes to original content.

Netflix’s original content is both good and diverse, meaning it has wide appeal. The younger demographic loves the teen angst dramas like Riverdale and 13 Reasons Why. The older demographic enjoys the more serious dramas like Orange Is The New Black, House of Cards and Bloodline. The history buffs love Narcos and The Crown. The Comedy Central enthusiasts love Bojack Horseman and My Wet Hot American Summer. The sci-fi crowd loves Stranger Things and Sense8. The comic book fans love Luke Cage and Daredevil.

What do all of those titles have in common? They can only be watched on Netflix.

So everyone, from young to old and history buffs to comic book fans, has at least some tangible desire to watch Netflix.

Regardless of how much original programming Facebook, Snap and Apple launch, that tangible desire will always remain there so long as Netflix keeps producing good and diverse original content.

Bottom Line on NFLX Stock

From that perspective, the Netflix growth narrative hasn’t really changed all that much, even in the face of growing competition. As long as the company produces good and diverse original content, its sub numbers impress. When the sub numbers impress, NFLX stock jumps higher.

It’s a simple dynamic that is largely unaffected by everyone else launching their own streaming video platform. But Netflix stock has sold-off as if that dynamic were in danger.

It’s not. So I think this is a “buy the dip” opportunity.

As of this writing, Luke Lango was long NFLX, AMZN and FB.