Netflix gets 94 billion hours of time watched in the first half of 2024: CEO

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People around the world watched a whopping 94 billion hours of Netflix (NFLX) during the first half of the year. According to the streaming pioneer’s co-CEO Ted Sarandos, that figure is up nearly 5% from 90 billion hours in the last six months of 2023.
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Sarandos previewed Netflix’s upcoming user engagement report — coming out tomorrow — during a chat at the Fast Company Innovation Festival in New York on Wednesday.
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With almost 280 million global subscribers, Sarandos says Netflix still has room to grow and could possibly even double its size with engagement being both a key growth driver and a “litmus test” for how well the company is entertaining the world.
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“I believe that engagement is in this business — in the streaming business — engagement probably is the core metric, which drives to retention, which drives revenue, which drives growth and profit,” Sarandos said.
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He added, “at 280 million households around the world, doubling that you’d still be very short of the household penetration of pay television in its heyday.”
Netflix currently accounts for nearly 10% of all television screen time in the United States. Sarandos said that one strategy the company is employing to increase its share is more live events.
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Sarandos highlighted past successes like the live comedy roast of Tom Brady and upcoming NFL games that will stream on the platform on Christmas Day.
And although Netflix’s recent forays into live programming and advertising may harken back to a traditional television business model, Sarandos said the company still offers a better product.
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“I would argue a much better product because it gives choice and selection and variety and control to the consumer,” he said.