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Netflix engagement weakens as shares fall over 30% this year
Netflix users reportedly open the app less often and spend less time watching on average than a few years ago, a trend persisting after its password-sharing crackdown. Shares have fallen over 30% this year, while revenue growth has slowed for three consecutive quarters. Netflix has increased content budgets and expanded into podcasts and live sports, but lowered its advertising revenue forecast.

What to know
- 01
Netflix cut its 2026 advertising revenue forecast from $3 billion to about $2.7 billion.
- 02
Antenna puts Netflix’s US subscriber churn at 2%, a relatively low level for the industry.
Why it matters
These trends point to pressure on Netflix’s engagement and revenue growth, despite relatively low subscriber churn in the US.
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