Pershing Square Activist Presentation Deck
Netflix's Increasing Market Share of TV Market
As the scaled market leader with constantly refreshed "content for
everyone", Netflix is steadily increasing market share of total video revenues
Netflix U.S. Revenue as % of Total U.S. TV and Video Revenue:(¹)
1%
2011
2%
2012
3%
2013
3%
2014
4%
2015
5%
2016
5%
2017
7%
2018
8%
2019
10%
2020
11%
2021E
Netflix's advantaged streaming model is similarly taking share from international Pay TV, which positions
the company for continued long-term growth
(1) Total TV and video revenue consists of total traditional Pay TV, over-the-top linear TV and subscription video streaming revenue.
Source: Digital TV Research. Subscription video streaming revenue excludes any contribution from Prime Video as the vast majority of Prime Video subscribers are not monetized on
a standalone basis.
Note: Assumes Netflix U.S. revenue accounts for approximately 90% of UCAN segment revenue.
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