Netflix Chief Executive Reed Hastings claims rival Amazon.com is losing between $500 million and $1 billion a year as it buys streaming video content rights, reports The Wall Street Journal’s AllThingsD.

Hastings said he came up with the numbers based on the value of the content deals Amazon won when the two companies competed on them, the story notes. Netflix last month said it was on track to spend $2.1 billion on content over the next year.

Netflix takes Amazon seriously, noting the company is "the best competitor we’ve ever faced." Amazon.com said it doesn’t comment on individual investments, according to the story.