Bloomberg: Netflix's Biggest Hits Are Losing Up to 70% of Viewers After Season One

A Bloomberg analysis of Netflix's own viewership data found many of its most popular series suffer steep audience drop-offs in later seasons — Beef lost more than 70% of viewers in season two, The Night Agent shed 50% then another 35% in season three, and Avatar: The Last Airbender fell more than 60% in its latest season's first week. Netflix is reportedly studying the cause as its shares are down 17% this year and 40% over the past twelve months.

Key takeaway: A steep season-one-to-season-two drop-off undermines Netflix's ability to build long-running franchises that keep subscribers engaged year after year, which is precisely the kind of retention problem investors are now pricing into the stock.

Source: https://www.bloomberg.com/news/newsletters/2026-07-05/netflix-viewers-are-abandoning-shows-after-one-season