The number of domestic subscribers added to streaming service Netflix Inc.'s (NFLX) platform will slow down this quarter, according to an analyst. In a note this morning, William Power from investment firm R.W. Baird cut his estimate of net domestic subscribers by a third to 1 million additions.

Power based this assessment on a survey of Netflix subscribers designed to ascertain their interest in the service. The analyst found that 51 percent of subscribers were planning on renewing their subscriptions, which is the same percentage of subscribers that were interested in renewing as last year. "With expectations for a strong overall quarter already high, we'd still be cautious into Q1 results," he wrote. Netflix has said that it will add 1.5 million domestic subscribers this quarter. (See also: How Hollywood Plans to Beat Netflix.)

According to Power, the absence of a blockbuster show along the lines of "House of Cards" or "Orange Is the New Black" might be responsible for viewers leaving the Netflix platform. "Last year's Q1 benefited from the late 2015 launch of 'Making a Murderer,' new seasons of 'House of Cards' and 'Daredevil,' and 'Fuller House,' with Q4'16 benefiting from 'The Crown' and 'The OA.' 'Iron Fist' and many other new shows this Q1 didn't seem to deliver the same buzz. With competition increasing, we believe original hits are increasingly important," he wrote.  (See also: House of Cards Adds More Product Placements.)

Netflix's domestic subscriber count has flattened as the company's forays abroad have increased. The company reported anemic subscriber growth in its home market for most of last year before crushing analyst expectations last quarter, when it reported an addition of 1.93 million subscriptions. Beyond new content, the company has inked partnerships with cable companies such as Comcast Corporation (CMCSA) to pump up demand for its offerings. (See also: Netflix Is Free During Comcast Watchathon Week.)

However, most analysts and industry observers expect Netflix's future growth to come from international markets. The company reported an addition of 5.12 million international subscribers in the previous quarter. Jefferies Group upgraded Netflix earlier this year based on growth in key markets including Germany and India. (See also: Netflix Upgraded on Positivity in Germany and India.)