Streamonomics: The Netflix-NFL deal edition

Netflix reveals new viewership stats. We crunched the numbers.

Among all the announcements Netflix made this week, few generated more headlines that their deal with the NFL to license two Christmas Day games, for a fee reported at ~$75m each.

Less noticed: their subscribers watched 183 billion hours in all of 2023. Since we had previously crunched the numbers for the 1st half of 2023 (viewing hours, amount spent on produced versus licensed content, as well as the average Cost Per Thousand Viewing Hours) we can estimate:

  1. Netflix's Viewing Hours dipped from 94bn in 1H23 to 89bn in 2H23 likely as a result of the crackdown on password sharing.

  2. Their Cost Per Viewing Hour ("CPMVH") went up from $73 in 1H23 to $82 in H2, averaging $78 for all of 2023. We expect this average to continue to go up in 2024....

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