Netflix Sees You Cooling, Wants You to Come Back and Chill

Netflix may be built on binging, but as it sees a slide in that particular habit among viewers, it's now eyeing something closer to old-school channel surfing. The Wall Street Journal reports that the streamer is weighing the launch of always-on "live" channels built around specific shows or genres, plus selling other services like Peacock within its app—moves that would mark a notable shift from the simplicity championed by co-founder Reed Hastings. The goal: reverse a worrying slide in viewer engagement, the internal metric that tracks how long subscribers watch and how often they finish what they start.

Though Netflix still leads subscription streaming, its share of TV viewing has dropped to 7.8%, its stock has fallen more than 40% in a year, and investors are questioning whether engagement—and therefore growth—has plateaued in the US. The company has already embraced ads, cheaper content like podcasts and short-form clips, and regional tie-ups such as a French deal with broadcaster TF1. Executives are also exploring selective sports rights, including potential bids for the 2030 and 2034 World Cups, to fuel ad revenue. For the full picture, read the exclusive at the Wall Street Journal.