Signal in the Noise Vol. 231: Could more tiering help improve Netflix engagement?

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Signal in the Noise Vol. 231: Could more tiering help improve Netflix engagement?

Equity Research

22 May 2026

Signal in the Noise Vol. 231

Could more tiering help improve

Netflix engagement?

In our opinion, the combination of a free tier at one end and a U.S. Media

superfan/premium tier at the other can help Netflix expand NEUTRAL

its revenue pie while improving engagement trends. U.S.POSITIVEInternet

U.S. Media

(1) Weekly Riff: Could more tiering help improve Netflix engagement? Kannan Venkateshwar

+1 212 528 7054

(2) Weekly Monitor: (a) Roku leans into creator content (b) Fubo exits NBA local rights bidding (c) kannan.venkat@barclays.com

FCC proposes updates to its High-Cost USF program (d) AT&T’s new pricing plan. BCI, US

(3) Recent notes: Investor Day: More Than Meets the Guide (22 May 2026), Why Spotify’s investor Siyuan (Cindy) Huang, CFA

day needs to be about a narrative reset (19 May 2026). +1 212 526 7952

siyuan.huang@barclays.com

Weekly Riff: Could more tiering help improve Netflix engagement? BCI, US

Despite engagement weakness being noticeable in Netflix for a while, this did not become a Anika Mittle

valuation narrative until the company’s bid for WBD. The company’s bid was a surprise and was +1 212 526 7518

anika.mittle@barclays.compartly rationalized by investors as a way to deal with the engagement drag. It also doesn’t help

BCI, US

that the company doesn’t disclose subscriber metrics anymore, which also tends to focus more

attention on engagement metrics. Also, with advertising becoming a bigger growth driver, Lauren Bonham

revenue trends will also get coupled more tightly with engagement trends once the ad business +1 212 526 3856

lauren.bonham@barclays.commatures a bit more.

Netflix engagement issues aren’t really a content quality problem.