Netflix is confronting a noticeable decline in viewer engagement, with data indicating that subscribers are spending less time watching movies and TV shows on the platform. According to a recent market analysis conducted by the financial firm Jefferies , the average monthly viewing time per subscriber dropped from 66 hours during the first half of 2023 down to 49 hours over the same period in 2026, representing a significant reduction of approximately 26 percent .

Additionally, the company’s overall share of television consumption in the United States receded to 7.8 percent in July, marking a one percentage point decrease compared to the previous year. This contraction has amplified investor anxieties surrounding long-term user retention and platform activity.…