The news: Netflix is considering adding live TV channels and bundling options as it struggles to grow user engagement, the Wall Street Journal reports.

Netflix is facing mounting pressure: Its stock has fallen more than 40% over the past 12 months, and its share of TV viewing dropped to 7.8% in April, the lowest level since May 2025, per Nielsen. Disappointing Q2 guidance also suggests broader business challenges.

• Netflix’s subscriber engagement is “showing signs of decline,” according to attendees of Netflix’s annual business review cited by WSJ.
• Executives are discussing live channels that would offer a continuous stream of certain programs, shows, or films from specific genres.
• The company is also considering bundling Netflix with other subscription streaming services, including Peacock—a strategy competitors like Amazon Prime, Peacock, and Apple TV+ have already implemented.

Zooming out: Netflix’s potential pivot toward live channels and bundles reflects a challenge: The streamer is running out of easy ways to keep users watching longer.