Netflix Inc (NASDAQ:NFLX) stock is trading at new 52-week lows after a mixed second-quarter earnings report and weaker than expected guidance.
Alongside the company’s financial results, Netflix shared details of its most-watched programs for the first half of 2026. The report could be bad news for the second half of the year.
• Netflix shares are approaching critical lows. What’s behind NFLX weakness?
Netflix First Half Engagement
A new report from Netflix shows that some of its biggest hits in the first half of 2026 were animated movies, non-English titles and returning series such as “Bridgerton” and “Stranger Things.”
The second half of the year could be missing some of this success for Netflix.
“Bridgerton” aired in January and a new season is not coming until 2027 and “Stranger Things” is done as a series.
“Stranger Things” could paint the biggest gap in Netflix’s content going forward. The release of the final season in multiple parts over the second half of 2025 and the final episode airing on Dec. 31, 2025, helped the show find success in the first half of 2026.
The fifth season ranked fourth overall for shows in the first half of 2026. Seasons 1, 2, 3 and 4 ranked 27th, 39th, 36th and 33rd, respectively, of the top shows in the first half of 2026.
While some may tune in to rewatch past seasons, it’s unlikely that all five seasons rank in the top 40 once again, leaving big gaps.
Another gap could come from animated films.
“Swapped” and “KPop Demon Hunters” ranked third and fourth overall for views for movies in the first half of 2026. “KPop Demon Hunters” has been a smash hit for the company with huge viewership since being released in June 2025.
The title will likely fall back, and while Netflix has a couple of animated films on the slate, including one that follows the familiar Cinderella storyline, the second half of the year may not see animated films rank so high.
In the earnings report, Netflix highlighted several shows and movies for the third-quarter slate, but they don’t have the same excitement level as some of the company’s long-standing franchise shows and movies. The company will be betting heavily on new content and live content in the second half of 2026.
Could Live Content Boost Subscribers & Share Price?
Netflix is betting more and more on live content these days, which could be good news for shareholders.
The company has set records for NFL and MMA viewership with past live specials. Netflix hopes to carry this over into the second half of 2026.
This includes the Home Run Derby, which recently aired, and the Field of Dreams game for Major League Baseball and four NFL games spread across the third and fourth quarters of 2026 and the first quarter of 2027.
The company highlights live programming to make up around 5% of its content spend for 2026 and around 1% of view hours. Live events are said to account for six of the top 10 new member sign-up days over the past five years, with live events beginning only in 2023.
While live sports don’t get quite the same viewership as a hit franchise like “Stranger Things,” a one-night event may bring in as many subscribers as the show did in the past. This could be the good news and trade-off.
Without releasing subscriber figures, Netflix is now putting more of an emphasis on its revenue, advertising revenue, and its viewership figures for hit shows, which may prove to be the wrong move.
Photo: DANIEL CONSTANTE/Shutterstock
