By Conor White

One of Netflix's most beloved features may also be a reason the service is losing viewers, at least in the short term. That's according to Alan Wolk, co-founder at media research firm TV{R}ev.

In an interview Tuesday on Cheddar, Wolk pointed to FOMO ー or in Netflix's case, the lack thereof ー for subscribers.

"If all your friends are watching 'Westworld', then you might think, 'Hey, I want to watch this too, even if this other show on Netflix might be slightly better targeted to me,'" he said.

Netflix is expected to spend as much as $13 billion in 2018 on original content ー some of that could go towards the next "Stranger Things" or "The Crown", but much will likely create super-niche offerings that don't attract broad audiences.

And unlike broadcast or cable, all of Netflix's content ー whether it has a broad appeal or not ー is available to stream at any time, so there isn't necessarily a sense of urgency for viewers to watch right away.

That might be part of the reason the company added 600,000 fewer subscribers in its latest quarter than analysts were expecting. Shares dropped roughly 14 percent after the company reported its second quarter results. It also faces stiff competition from the likes of Amazon, Hulu, and maybe Walmart in the coming years.

Wolk said the spend-on-original-content strategy is a risky one.

"It's a big ask for people to invest in a brand new show," he said.

For full interview click here.