Netflix Spends 5% of Content Budget on Live Programming for 1% of View Hours

Netflix's Q2 2026 shareholder letter, published July 16, 2026, shows live programming will account for just over 5% of content spend but only ~1% of view hours in 2026 — a 5-to-1 premium per engaged hour versus scripted and licensed content. The gap raises whether advertising revenue, projected to double to ~$3 billion, and subscriber retention justify that cost.