『Creative Accounting: How Netflix Sculpted a "Hit" Narrative for WWE’s $5 Billion Debut』のカバーアート

Creative Accounting: How Netflix Sculpted a "Hit" Narrative for WWE’s $5 Billion Debut

Creative Accounting: How Netflix Sculpted a "Hit" Narrative for WWE’s $5 Billion Debut

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 Netflix has a long-standing history of shifting the goalposts to ensure its biggest investments look like undisputed champions.

By moving away from reporting raw subscriber counts and transparent Nielsen-style data, the streamer has perfected the art of the "Blended View"—a custom metric that combines live broadcasts, on-demand replays, and varied runtimes into one inflated headline number.

In the case of WWE, Netflix’s reported 340 million "views" for Monday Night Raw serves as the perfect smokescreen.

It’s a narrative designed to convince Wall Street that a niche, live product is competing with binge-heavy blockbusters like Squid Game, despite the fact that WWE actually accounts for less than 0.3% of the platform's total annual engagement.

By defining a "view" as a simple mathematical average (Total Hours ÷ Runtime) rather than unique human beings, Netflix has effectively "rigged" the numbers to justify its $5 billion price tag and mask the reality that Raw is a steady workhorse, not the explosive global phenomenon the press releases suggest.



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