What happened Shares of streaming video technology company Roku (NASDAQ: ROKU) are lower by 4.7% in Thursday's late trading action, although not on any particular news. The pullback is a reflection of broader concern that the streaming market is becoming very, very crowded. So what Seriously, don't look for a specific reason Roku is in the red today. You won't find one. Rather, take a step back and look at the entire streaming landscape. It's changed dramatically in just the past few months in ways that don't particularly favor this company. Image source: Getty Images. Case in point: Vizio recently added the HBO Max app to its built-in suite of streaming services offered through its SmartCast TVs, sidestepping consumers' need for a Roku device or a Roku TV. Just a few days ago, Vizio also announced it had secured more than $100 million worth of advertising commitments for its own ad-supported content platform called WatchFree+. And that's just a small sampling of the streaming industry's most recent evolutions. Now what It's difficult to draw firm conclusions about a stock based on one day's action. It's possible much of Thursday's exaggerated weakness stems from Wednesday's above-average advance from Roku shares. When one takes a step back and looks at this stock's relative weakness since January, though, it's easier to put today's selling in context. Roku isn't the market darling it was just a few months ago now that the streaming market is becoming more -- not less -- fragmented. Roku's sky-high valuation of more than 200 times next year's projected earnings of $1.64 per share only makes any sustained gains tougher to muster from here. Roku's established its place as a fixture of the streaming market. Investors are falling out of love with the stock, though, and that makes it tough to own until a clear capitulation has been made. 10 stocks we like better than RokuWhen our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Roku wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of August 9, 2021 James Brumley has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Roku. The Motley Fool has a disclosure policy.Source