Netflix currently accounts for over 8% of all video viewing time in the UK, and 7.6% of TV viewing time in the US, the streaming giant wrote in its latest financial statement.
That is neck-and-neck with YouTube in the US, but well ahead of rivals such as Amazon and Disney.
Netflix series, like Cobra Kai, Stranger Things and The Crown, also continue to dominate lists of most popular streaming shows.
But after a boom during the pandemic, the company has struggled to attract new sign-ups – and maintain the loyalty of existing members.
Price hikes in major markets, including the US and UK, contributed to the problem, especially as the rising cost of living leads to people cutting back.
The company also faces fierce competition from the likes of YouTube, Apple TV, HBO Max, Amazon Prime and Disney+.
Shares in the company have sunk significantly this year, prompting the firm to slash jobs and reconsider core tenets of its business, like advertising and drawing out the release of hit shows, like Stranger Things, which saw its latest season released in two batches.
In the letter to investors, the company suggested that would not become the norm, noting that bingeing helps to drive “substantial engagement”.
Executives also made the case that they were ahead of the competition in figuring out how to create shows and turn a profit.
“It’s hard to build a large and profitable streaming business – our best estimate is that all of these competitors are losing money on streaming,” the company wrote, adding that the streaming landscape will shift again as competitors stop pouring money into developing their new streaming services and focus on the bottom line.
Netflix shares jumped more than 10% in after-hours trade, following the release.(BBC)
