The 2024 hit, ‘Avatar: The Last Airbender,’ saw its viewership decline over 60% after week one of its second season|@AvatarNetflix|X
Netflix’s internal data highlights steep audience declines in the second seasons of several breakout hits that generated massive viewership in season one.
One Piece lost over 30% of its audience for season two, while Beef saw a drop of over 70% from the show’s first season. The Night Agent shed 50% for season two and another 35% for season three.
Even 2024’s hit Avatar: The Last Airbender suffered a drop of over 60% after week one of its second season.
Netflix has had just two massive hits in the first five months of 2026: His & Hers and Bridgerton season four.
Investors are growing concerned as customer viewing time increased by less than 2% last year, a sign of stagnation linked to OTT platforms’ difficulty keeping viewers engaged through multi-season shows.
Potential factors include long waits between seasons and a binge model that makes it harder for shows to maintain momentum and audience engagement.
That’s not all
Free alternatives like YouTube and Roku are outpacing the top streaming platform.
Netflix is facing a turbulent period as its shares have tumbled 17% so far in 2026 and 40% over the last year.