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Bridgerton, Squid Game, and Stranger Things all helped Netflix to attract users, propelling the company to a market valuation of more than $500 billion at its peak.
The streamer has built a reputation for engaging twists and turns in its films and series. Now it needs a better narrative when it comes to telling its own story to investors.
Just look at the stock. Lacking a clear and obvious catalyst, it has floundered in 2026.
Shares were down 21% for the year through Thursday’s close—and slumped another 7% on Friday following a disappointing second-quarter earnings report.
The company needs to halt the slide. But instead of shaping the conversation with more facts and figures, it has decided to provide less information. That’s not a great look or an effective strategy.
The future of entertainment is likely to be the mobile phone, but Netflix is dominant in TV. It is struggling to stave off competition from short-form video platforms like TikTok, YouTube, and Instagram.
The worry is that it’s only a matter of time before the slowdown in engagement hits the company’s top and bottom line.
Netflix’s solution? Giving the market the bare bones, at a time when it needs more meat.
The streamer stopped disclosing subscriber numbers in 2025, and said on Thursday that from 2027 it would start publishing its “What We Watched” engagement report once rather than twice a year.
That will only encourage investors to buy into the idea that “Netflix’s business is deteriorating,” Morningstar analyst Matt Dolgin writes in a research note.
Without much engagement or subscriber data, there’ll be even more focus on earnings and revenue—which haven’t looked great in recent quarters.
Netflix reported revenue of $12.56 billion on Thursday, a touch below the $12.58 billion analysts were looking for. Its third-quarter earnings guidance also fell short of expectations.
The numbers may look shaky, but keeping investors in the dark isn’t the answer.
Instead, it’s time for the streamer to start owning the conversation.
Write to George Glover at [email protected]
