• by Wayne Friedman , Yesterday

Although Netflix’s total U.S. viewing hours grew 2% in the first half of 2025 to 20.3 billion, the average subscriber viewing per day is down, according to Nielsen by way of a report in MoffettNathanson Research.

Average subscriber viewing declined 6% to 1.4 hours per day in the first six months of 2025. It was at 1.5 hours a day in the second half of 2024.

This analysis factors in growth among U.S. subscribers of nearly 10% to an estimated 79 million, year-over-year. This result was boosted by Netflix's effort around password sharing and rising business from its advertising tier option.

Still, Robert Fishman, media analyst at MoffettNathanson, says: “Netflix’s early ramp in advertising presents a significant opportunity to monetize its U.S. engagement, which remains well ahead of every other SVOD platform.”

He notes that Netflix grew its global revenue per hour -- 13% to $0.23/hour viewed. At the same time, Netflix provides more value to its subscribers.

“Netflix still monetizes its engagement in the U.S. at a lower level than any of its SVOD peers, which reflects the platform’s scale as well as the value delivered to subscribers.”

Fishman says this also means an opportunity to raise subscription price increases for both its ad-free and lower price ad-supported options.

He expects rising viewing in the second half of 2025 with new seasons of “Wednesday” (Season Two) and “Stranger Things” (Season Five) as well as highly touted live programming events on the way.