I regularly have readers ask me how I see my role with this newsletter. In an industry with the Hollywood trades, deeply funded upstarts such as The Ankler and Puck, as well as a score of high-profile media reporters, where do I fit into this coverage of TV, streaming and the media?
If you’ve been reading this newsletter for awhile, you know that is a complicated answer. I do some hard reporting and have broken a number of stories ahead of my competition. But those stories don’t come along every day.
I also do interviews, cover news stories, provide basic industry updates and whatever else I think might be of use to my readers.
But I feel that what I do better than anyone else is to put things into perspective. Provide the context that you won’t get in the trades or from some media reporter that is closely connected to some of the companies he or she is covering.
Today’s extended piece is a good example of that effort. It started with a simple question: does Netflix really have an engagement and YouTube problem? That’s the part of the equation I tackle today. And the next newsletter will include my thoughts on what Netflix can do to lengthen the time subscribers watch the service every month.
You can let me know what you think by replying directly to this email.
And one small correction from the last newsletter. 2026 was the second year CBS has simulcast the VMAs, not the first.
This Shouldn’t Be Such A Hard Question
Netflix has been having an exceptionally difficult few months. There have numerous stories highlighting the streamer’s supposed “engagement” problem and that has led to a slumping stock and several recent analyst downgrades of the company’s shares. And all of those downgrades cite Netflix’s engagement problems. They point to the fact that Netflix’s share of monthly television viewing is now lagging behind YouTube. There are snarky arguments that Netflix’s recent move into video podcasts is somehow an attempt at copying YouTube and that it’s an effort that is doomed to failure.
But I think that framing misunderstands YouTube’s business. And it certainly relies way too much on the numbers provided by the monthly Nielsen feature “The Gauge,” which proports to provide a snapshot of what is going on in the industry.
Here is the latest Gauge data, from July 2026:
At first glance, that looks bad for Netflix. Especially since Netflix’s share is down nearly 1% in the past year.
But it’s important to remember a few things. First of all, this only represents American viewers, which is a big issue since YouTube, Netflix and Prime Video have huge global footprints. And the viewing situation can vary wildly, depending on the country.
For instance, here is the August “Screenshare” report of viewing in Poland compiled by Nielsen and it looks very different than the U.S. lineup:
There are several reasons why the viewing in the two countries looks so different. One primary reason is that the viewing data includes two different subsets of viewers.
In America, The Gauge data is compiled is derived from a subset of Streaming Meter-enabled TV households within the National TV panel. The linear TV sources (broadcast and cable), as well as total usage are based on viewing from Nielsen’s overall TV panel.
All the data is time period based for each viewing source. The data, representing a broadcast month, is based on Live+7 viewing for the reporting interval (Note: Live+7 includes live television viewing plus viewing up to seven days later for linear content).
In Poland, The All Screens Video Landscape Report tracks total household viewership (defined as a combination of total reach and time spent) across four screens: TVs, PCs/laptops, smartphones, and tablets.
Two very different sets of data and that fact, combined with the reality that each country includes a very different set of networks and channels - is a reminder that when analysts are talking about Netflix’s “engagement” problem, what they really mean is that Netflix is facing challenges in the U.S.
Are these challenges also a problem elsewhere? Frankly, no one seems to know. Viewing data outside the U.S. is still spotty and it’s impossible to draw any apples-to-apples comparisons on engagement.
So let’s just stick with American viewers.
As I was putting this piece together, I remembered a conversation I had with Evan Shapiro in June about some of these issues. I recommend reading the entire interview, but this is the passage that applies most directly to this conversation:
The problem is that YouTube is not a channel; it's 4.6 million channels. And 98% of its viewership comes from the top 1 million channels. That sounds like it's kind of a monolith at the top, but it's not. That's still a million channels.
So when you look at Nielsen's numbers on Gauge—and, by the way, huge grain of salt, Nielsen is just total utter bullshit. We all know it. We've always all known it. Now it's proven over the last couple of months—but even if you're just taking it directionally, you look at the Gauge.
Yes, YouTube scores as the number one most-watched distribution platform compared to Disney and NBC. And, by the way, that's YouTube versus all of Disney, Hulu and Disney+, ESPN, and ABC. But again, it's a million channels. It's not four or five or even six or seven, or even a dozen channels. And so now you can't think of it in the same manner.
The reason why YouTube is the most popular channel in the world is that it's number one on TV, but it's also number one on phones, right, for video. There are a billion hours of YouTube watched on television every day.
And the reason why they're more successful than other channels on TV is because they have 1.2 billion hours of content, which is exponentially larger than Netflix, exponentially larger than Disney, and it personalizes itself around you when you turn it on. Netflix can't do that.
I can't even find the last fucking show I was watching on Netflix. You know what I mean? YouTube—I turn it on, it's like, “This is what you want,” and you go, “You know what? That's exactly what I want.”
One of the problems with relying on data from The Gauge is that the platform-level number tells you almost nothing about audience concentration.
Suppose YouTube has 13% of TV viewing.
That doesn't tell you whether: 13% of Americans are watching YouTube constantly, 80% of Americans are watching a little YouTube, a small number of enormous creators account for most viewing, millions of small creators collectively account for most viewing, or some combination of all four.
Those are very different media businesses despite producing the same aggregate percentage.
One of the few real data points we have about YouTube viewing habits is that more than half the viewing comes from videos that are more than 30 minutes in length. Some of that comes from podcasts, some of it comes from movies. But some percentage of it also comes from having a white noise video on all night (which I have been known to do) or watching hours of Fortnite playthroughs.
We have no idea how that viewing breaks down and that is a huge data problem when you are attempting to compare YouTube’s monthly viewing share to Netflix. The Gauge is extremely good at answering “What percentage of TV time went to streaming vs. broadcast vs. cable?” It’s much less capable of answering “What are Americans actually interested in?”
As an example, if YouTube's viewing share rises on The Gauge, you don't necessarily know whether that's because people are watching more professionally produced entertainment, podcasts, sports, creators, news, gaming, children's programming, or something else.
Netflix can grab a smaller percentage of the overall viewing and still be an incredibly profitable company. Especially as it continues to move into an ad-supported business. Because offering advertisers a curated, safe environment allows Netflix to charge a premium CPM.
Industry estimates vary a bit, but the raw numbers suggest that Netflix averages a CPM of $25-$30, with some specific programs and events getting up to a $60 CPM.
YouTube offers a variety of ad formats, but the range seems to be more in the range of a $5-$15 CPM.
On the other hand, advertisers can reach very niche, hyper-specific audiences on YouTuber, instead of paying a premium for Netflix's relatively scarce premium video inventory.
So if comparing YouTube to Netflix isn’t the answer, how does that Netflix help increase its engagement and keep its churn level low?
I’ll have that answer in tomorrow’s newsletter.
Clicking On This Ad Provides A Bit Of Revenue For Too Much TV
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Odds & Sods
This is an absolutely insane recounting of the rise and fall of Alf.
Great Performances – Jimmy Webb: American Songwriter premieres Friday, October 30th on PBS. Here is the official logline: “Webb is joined by Vince Gill, Lyle Lovett, Ashley Campbell (Glen Campbell’s daughter), Sheléa, and Ryan Shaw, who perform and offer insightful commentary on his legacy. Webb himself shares intimate stories behind some of his most iconic songs, including "Wichita Lineman," "Highwayman," "By the Time I Get to Phoenix," "Galveston” and "MacArthur Park." The concert, which was recorded in February, also looks back at Webb’s career with archival clips of his hits sung by the original artists: Glen Campbell, The Fifth Dimension, Richard Harris, Donna Summer, and more.”
The Secret Lives Of Mormon Wives premieres Thursday, November 12th on Hulu. Here is the official logline: “A new group of dynamic young mothers in Orange County collide in a community where beliefs are not just their religion; they are their identity. While some defend their way of life, fighting against modernity, others embrace change, becoming a platform to disrupt the status quo. Scandals and secrets will be revealed, facades will crumble, and families and friendships will change forever on both sides of the battlefield as this group of strong, game-changing influencers comes together to build their answer to #MomTok.”
The stand-up special Michael Che: Shot In Minnesota premieres Tuesday, October 13th on Netflix.
The three-part series Vanderpump Rules: Lisa Las Vegas premieres Tuesday, October 20th on Bravo. Here is the official logline: “Lisa Vanderpump has been reigning over the Las Vegas Strip for years now with three hotspot restaurants serving up chic cocktails, over-the-top glamour and her signature brand of whimsy. Once again partnering with Caesars Entertainment, she’s betting big on her most ambitious Vegas venture yet: a namesake hotel. This isn’t just another grand opening; it’s Lisa’s biggest gamble to date and a chance to cement her legacy. With a to-do list longer than the Strip itself, LVP and her A-Team pull back the curtain on what it really takes to get a boutique resort ready for its lavish opening – and VIP check in – Vanderpump style.”
As It Turns Out, Celebrity Interviews Are Even Challenging For Graham Norton To Navigate
I have written a few times in the past about the challenges of wrangling celebrity interviews in a world where most actors, writers and directors seem comfortable either doing a series of 5-minute junket interviews or some extended hour-long podcast.
British talk show host Graham Norton is a true legend and he has continued to deliver quirky, thoughtful interviews with some of the best talent in the business.
He was recently asked a question about the future of talk (or chat) shows at the RTS London Convention, and he admitted that convincing stars to participate in the process is difficult, even for someone with his track record:
While Norton said he “tries to make sure the guests have a nice time,” he said he is sometimes surprised at the things they refuse to do compared with what they will do online.
“We ask them to show a picture from their year book and they say ‘no’ and we say ‘alright’ and then I’ll be on YouTube and they are eating f***ing hot wings,” he joked.
ICYMI On TooMuchTV.com & Forbes
For Forbes, Gordon Ramsay shares his thoughts on the challenges of running a restaurant, the pressure of maintaining Michelin stars, and why becoming a Michelin inspector sounds like his dream retirement gig.
RoseBerry Media is partnering with Fremantle to repackage episodes of long-running Australian soap Neighbours into vertical microdrama for its Epis platform, with an initial rollout focusing on storylines featuring Oscar-nominated actress Margot Robbie.
What’s Coming Tonight And Tomorrow
WEDNESDAY, SEPTEMBER 30TH:
Deadly Tag Series Premiere (Hulu)
Ghost Adventures Season Premiere (Discovery)
Love Is Blind: Netherlands Series Premiere (Netflix)
Medusa (Netflix)
Sacrifice Season Two (Paramount+)
Scrubs Season Premiere (ABC)
Shark Tank Season Eighteen (ABC)
The Amazing Race Season Premiere (CBS)
The Arena Series Premiere (Netflix)
The Prince Of Tennis II U-17 WORLD CUP: Final Member Selection Match (Crunchyroll)
The Widower: ‘Til Death Do Us Part (Netflix)
Unmasking A Monster: Aileen Wuornos (Investigation Discovery)
Wonka’s Golden Ticket Season One Finale (Netflix)
THURSDAY, OCTOBER 1ST, 2026:
Archive X: Unexplained Phenomena Series Premiere (Sundance)
Coven Academy Series Premiere (Freeform)
Crazy Rich, Incredibly Broke (Netflix)
East Of Eden Series Premiere (Netflix)
FX Fighter Kurumi-chan Series Premiere (Crunchyroll)
The Ramparts Of Ice Season Two Premiere (Netflix)
War (HBO Max)