Netflix Says "All Hours Are Not Created Equal." Viewing Grew 2%.
Netflix says its ad revenue is doubling to $3 billion and that viewing hours don't tell the story because all hours are not created equal. Global viewing grew just 2% in the first half of 2026 while content expense rises about 10%, so the ad money has to come from squeezing more yield out of hours that have stopped growing.
Read the full investigation on ADOTAT →Key findings
- Netflix reports 4,000 advertisers, up 70%, and nearly doubled upfront commitments on 2% viewing growth.
- Live programming takes about 5% of the content budget and produces about 1% of viewing.
- The 250 million monthly active viewers figure counts households that watched at least one minute of ads a month.
- U.S. and Canada revenue grew 10% in Q2, the slowest region, and the one with the highest CPMs.
- Netflix has never published how much ad growth came from migration, fill, price, load or engagement.
On the record
“all hours are not created equal.”
“not growing as fast as I want.”
The full story, with the documents, the numbers and the responses, is on new.adotat.com. Get ADOTAT in your inbox: subscribe free.