Nielsen said YouTube viewing rose 6% from June, giving it a record 14.2% of U.S. TV viewing in July, versus Netflix’s 7.8%. HSBC cut Netflix to Hold from Buy on Sept. 22, saying YouTube was taking viewing share and a near-term recovery looked unlikely.
HSBC also lowered its price target to $76 from $96. Wells Fargo downgraded Netflix on Sept. 18, citing weakening viewership, and cut its 2027 and 2028 operating-margin forecasts, saying a weaker content slate could require more investment. Netflix shares were down roughly 20% this year.
Bloomberg reported in August that YouTube had discussed offering popular creators millions of dollars to upload videos exclusively, through direct program financing or brand deals; Netflix has also sought YouTube creators. Netflix said it logged a first-half record of more than 97 billion viewing hours in 2026, including 104 million views for His & Hers and 100 million for Bridgerton Season 4. It remains unclear whether weaker engagement is structural or a temporary content-cycle issue.
