Jul 20, 2026
By Hernan Lopez
Netflix is asking new questions; so are investors.
Netflix subscribers watched 98B hours in 1H26, up 2% to an all-time high, despite a tough competitive environment (egWorld Cup). Per-sub, we estimate viewership fell by 5% YoY, moderating a trend. Subscriber, country and plan mix likely factors. Management is shifting focus away from sheer number of hours viewed to weighted metrics. Three key themes stood out...