Netflix Viewership Trends: Mixed Signals Amid Slightly Higher Engagement

Netflix viewership rose 1% in 1H25 to 95.2 billion hours, with series driving engagement growth by 4% to 71.1 billion hours. However, film viewership declined 7% to 24.1 billion hours. Original series are driving engagement, while original films have lagged. MoffettNathanson expects engagement to rise in the second half of 2025 due to a stronger content slate and recovery from Hollywood strikes.

Investing.com reports that Netflix viewership rose slightly in the first half of 2025, with overall engagement increasing by 1% to 95.2 billion hours. However, underlying trends show mixed signals, according to MoffettNathanson [1]. While the firm noted a high-single-digit decrease in engagement on a per-subscriber level, adjusting for password-sharing volatility, engagement appears stable over the past 2.5 years.

Series viewership drove the growth, rising 4% year over year to 71.1 billion hours, while film viewership declined 7% to 24.1 billion hours. Original series in 1H25 drove the second-highest level of engagement since Netflix started releasing this data in 2023 [1]. The reception of Netflix’s top shows has improved, with the firm balancing the need for vast content production with a focus on quality [1].

However, original films have lagged, with muted reception. MoffettNathanson expects improvements in the second half of 2025, citing recovery from the 2023 Hollywood strikes and recent management changes [1]. Looking ahead, a stronger content slate, including "Wednesday" Season 2, "Stranger Things" Season 5, and NFL Christmas Day programming, is expected to drive even higher engagement and monetization opportunities [1].

References:
[1] https://finance.yahoo.com/news/breaking-down-netflix-viewership-1h25-093005254.html
[2] https://www.investing.com/news/stock-market-news/breaking-down-netflix-viewership-in-1h25-4149041