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What Everyone Is Actually Watching on Netflix

Insights and analysis from the streamer’s latest engagement report: why Ms. Rachel is working, how many laughed at Shane Gillis, the secret power behind KPop Demon Hunters, and what’s going on with all those non-English shows.

Shane Gillis
Gillis’s self-funded 'Tires' workplace sitcom has given new and dedicated fans more ways to engage with him on Netflix, instead of relying on Instagram Reels or YouTube videos. Tires’s first season has racked up close to 22 million views since its debut in 2024, and the second season is closing in on 13 million views since its release in June. Photo: Courtesy of Netflix
Julia Alexander
January 28, 2026

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Netflix may no longer be releasing regular subscriber numbers, but at least we have its biannual Engagement Report—the bible for rivals, analysts, and journalists looking to understand what’s working, and not working, for the world’s largest streamer. Engagement, after all, predicts retention—a key metric for investors, and a crucial piece of the story that Netflix is selling to advertisers as it shifts its focus from subscribers to revenue growth.