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Netflix

Three areas of focus, From April 2026

To entertain the world
Netflix’s mission

Three areas of focus

Netflix streams series, films, live events, and games in more than 190 countries, to more than 325 million paid memberships and an audience approaching a billion people.,

SCENEFOCUSSET OUTDIRECTED BY1Delivering moreentertainment value16 April 2026Greg Peters and Ted Sarandos

Delivering more entertainment value

  1. 1CoreRaise the bar on core series and films, where the vast majority of the content budget goes.
  2. 2VarietyWiden the offering with live events, video podcasts, creators, and games.,
  3. 3EngagementGrow engagement, judged by quality and variety as well as hours watched.
  • 16 July 2026Members watched more than 97 billion hours in the first half of 2026, up 2%, and non-English titles made up more than a third of viewing.
  • 16 July 2026KPop Demon Hunters became the first title to spend more than 52 weeks in a row in the Global Top 10.
  • 16 April 2026The World Baseball Classic, its first regional live event, drew 31.4 million viewers in Japan, its most watched programme there.

About 5% of the world’s TV viewing

At the end of 2025 fewer than 45% of the broadband homes Netflix can reach were members. Netflix describes itself as still small, and wants to be the service people turn to first and cancel last.

Under 45 in 100

in every 100 broadband homes, the market Netflix can reach, are members.

Netflix gives this as less than 45%, at the end of 2025; drawn with 44 windows.

Live events brought six of Netflix’s ten biggest sign-up days

Netflix expects live events to take just over 5% of its content spending in 2026, and only about 1% of the hours members watch. Six of its ten biggest days for new members in the last five years were days with live events, and Netflix has shown live events only since 2023.

Just over 5%of content spendingAbout 1%of view hours6 of 10biggest sign-up days

Each pool of light covers its share of the stage, which is 100% from wing to wing, marked in tenths. Content spending and view hours are Netflix’s expectations for 2026; the sign-up days are the ten biggest of the last five years.

  1. Measure what customers value.

    Netflix says not all hours are equal: quality and variety count as well as time watched, and it moved its viewing report away from its results. We recommend measures that track the value customers get, not only how much they use.

  2. Pay for the moments that matter.

    Live events take about 1% of Netflix’s viewing but made six of its ten biggest sign-up days. We recommend judging each investment by what it does for the business, not by one average measure.

  3. Know your walk-away price.

    Netflix declined to raise its offer for Warner Bros., which it called a nice accelerant for its strategy, but only at the right price. We recommend deciding the price at which a deal stops serving the strategy before the bidding starts.

Sources

  1. 1. Netflix, Inc. (2026). Fourth quarter 2025 letter to shareholders. Netflix investor relations, 20 January 2026. s22.q4cdn.com
  2. 2. Netflix, Inc. (2026). First quarter 2026 letter to shareholders. Netflix investor relations, 16 April 2026. s22.q4cdn.com
  3. 3. Netflix, Inc. (2026). Second quarter 2026 letter to shareholders. Netflix investor relations, 16 July 2026. s22.q4cdn.com

Headwater is not connected with Netflix. Netflix and the titles and events named are trade marks of their owners. Updated 30 September 2026.

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