Sep. 7 at 3:01 AM
One of the biggest reasons I remain bullish on
$NFLX is advertising.
Q2 advertising revenue came in around
$618M, up nearly 80% YoY.
Yet that was still only about 5% of Netflix’s total revenue.
The scale behind it is already getting massive:
250M+ monthly active ad viewers globally
80%+ of ad-plan members watch weekly
2026 U.S. upfront ad commitments nearly doubled YoY
And Netflix plans to bring the ad-supported plan to 15 more countries in 2027.
Analyst consensus tracked by S&P Global currently sees advertising revenue growing from roughly
$3.3B in 2026 to
$5.3B in 2027.
Advertising does not need to replace subscriptions for this to matter.
If Netflix can keep growing a multibillion-dollar revenue stream at anywhere close to these rates, ads can become a much larger part of the business while the core subscription engine keeps compounding.
