Since Netflix stopped reporting subscriber numbers in Q1 2025, its quarterly results have made for dull reading. To fill the void, the streamer is leaning more heavily on audience measurement data to trumpet its approach to the promised land of double-digit viewing time in major markets.
Co-CEO Greg Peters insists there’s still “enormous room for profitable growth,” claiming that Netflix represents “only about 7% of the addressable market in terms of consumer spending and only about 10% of time spent on TV.”
In reality, Netflix’s share of TV viewing time in the US stands at 8.6%, according to Nielsen, up from 7.5% in Q4 2022. In the UK, Barb data puts Netflix’s share of TV viewing at 9.4% for Q3 2025, up from 7.7% two years earlier.
Given that the gray areas (pictured) occupied by linear TV still account for the majority of TV viewing time in both markets, you can understand Netflix’s excitement in its letter to investors. Though while linear TV still dominates in both territories, Netflix wants to emphasize to investors that while subscriber growth has plateaued (hence the end of reporting), total viewing time continues to climb—and every minute now directly feeds the ad business.
With nearly three years in the ad game (ad-tier went live in November 2022), Netflix’s best path to expanding its share of viewing time is diversification. Big-money investments in sports and documentaries have joined its lesser-known gaming venture, but most recently, Netflix has tiptoed into news.
This new genre expansion was formalized in June through a deal with TF1, the French public service broadcaster. TF1 will make its live channels and on-demand programming available to Netflix subscribers in France from summer 2026—a move Faultline described as one that rival broadcasters will find “perplexing, if not maddening.”
A host of unanswered questions remain here, including how many TF1 channels will appear on Netflix? Will they operate 24/7? How will the two collaborate on production and tech integration? Who owns the viewing data?
The answers to these questions will define how Netflix chips away at linear’s long-held dominance.
“Building a real at-scale global streaming business is hard because you’ve got to combine great tech product and great content from all around the world,” Peters said. “We believe we can continue to improve in both of those areas.”
On the product side, Netflix’s UI overhaul, launched earlier this year, has now reached 85% of TV devices. The company claims the “simplified” UI has “exceeded expectations” in terms of performance (though conveniently Netflix does not share any actual data or elaborate on what metrics its UI performance its based on).
The latest report also sprinkles mentions of generative AI, from refining content recommendations to powering a new conversational search feature in beta, allowing users to explore the catalog using natural language.
Topical as it is, Netflix isn’t leading in conversational search.
Many pay TV operators already offer more advanced search features—often helped by owning their own devices. Netflix, which must operate across third-party platforms, will face a serious test of how its conversational search compares with more established technologies like Google TV’s Gemini integration, which is fast becoming the benchmark for natural-language voice search.
Voice control penetration is still nowhere near where it should be, with reports citing that voice search is used by under 8% of TV owners globally. This is worsened by the limited number of languages supported by mainstream voice search assistants like Alexa (8 languages) and Google Assistant (13 languages).
Meanwhile, the rise of MCP (Model Context Protocol) video servers promises further leaps in real-time personalized discovery—though we are still waiting to see a fully MCP-powered UI in action.
While conversational interfaces are a nice-to-have, there is an element of must-have here, too. Under the European Accessibility Act (EAA), which became law in June 2025, digital services must improve accessibility for disabled and elderly users. This includes simplified discovery for titles with subtitles or audio description, and accessible subscription management via text or voice.
So any slacking by a video service in this department across any EU member states automatically puts them on the back foot.
Netflix is also deploying genAI to localize promotional assets across languages—helping its content travel more effectively. As Faultline noted in our MIPCOM Cannes coverage, the race is on to build “digital passports” for content through AI-enhanced dubbing and subtitling.
The global content market is thriving partly because AI is breaking down language borders and allowing local shows to go international at speed.
On the advertising front, Netflix says programmatic growth is accelerating. Advertisers are drawn to its scale and “highly engaged audience,” with more formats, better measurement, and expanded buying options through Netflix’s growing ad-tech stack.
The company withheld 2026 guidance but says it remains on track to double ad revenue in 2025, albeit from a small base.
Summary results saw Netflix report Q3 2025 revenue of $11.5 billion, up 17.2% year on year, and net income of $2.54 billion, up from $2.36 billion in Q3 2024.