Stranger Things: Netflix Engagement Is Lagging Overall Streaming Market
- Netflix reported earnings this week, and engagement trends remain a major focus. The company even tried to get ahead of the discussion by highlighting “healthy engagement trends” in the second bullet of their shareholder letter.
- Occam data tells a slightly different story. While Netflix’s share of total TV viewership may be rising, engagement — defined as viewership per subscriber — has only grown slightly over the past few years (data available upon request).
- In contrast, other streaming providers continue to show faster growth in viewership per subscriber, in part likely because they’re coming off a lower base.
- Engagement will be a critical metric to watch as Netflix doubles down on advertising, where sustained viewer attention directly drives monetization potential.
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