The streaming industry has evolved considerably over the past decade. One notable change has been a massive increase in the number of competitors. Still, some of the longtime leaders remain at the top. One of them is (NASDAQ: ROKU), one of the most prominent players in the connected TV market. Though the tech company has delivered market-beating returns since its 2017 IPO, some think the best is in the rearview mirror.

Others think the company's shares are overvalued. These (and other) reasons explain why Roku stock is down by 28% year to date. Despite these headwinds, the company remains an excellent long-term bet. Let's consider why.

Roku has made tremendous progress since its IPO. All of the company's most important metrics have moved in the right direction, from active accounts to viewing hours. However, the company's growth rate has also slowed.

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Source Fool.com