Netflix estimates that it will spend $20 billion on content this year, which is a 10% increase from last year. And while the cost of Netflix’s originals often gets the spotlight, Parrot Analytics’ Streaming Economics data shows that licensed programming is outpacing originals in driving subscriber growth.
The streaming giant remains fiercely committed to marquee original programming, but when we look under the hood of customer acquisition, second-run shows and live partnerships are punching significantly above their weight. Since the first quarter of 2025, licensed series have consistently accounted for over half of all global subscribers acquired by shows on the platform. The importance of licensed content for driving signups has grown in recent quarters, with the share of acquisitions driven by licensed shows rising to over 53% in the first quarter of 2026.
What makes this trajectory more notable is the effectiveness of licensed series on Netflix. Currently, licensed shows account for roughly 40 percent of the series on the platform globally. Because they generate over 50 percent of series-driven sign-ups, these titles are meaningfully overperforming their share of catalog volume. For rights holders, this underscores the commercial power of their IP. Classic dramas, comfort comedies and multi-season libraries convert casual viewers into paying subscribers at a higher rate per title than the average original production, proving that third-party IP is an indispensable, high-value asset for streaming platforms hungry for sustainable growth.
Looking at the shows that acquired the most global subscribers in the first quarter of 2026 reveals the complementary roles that originals and licensed IP play in the subscriber lifecycle. The single most effective title at driving new users to the platform was actually a marquee original, “Bridgerton,” which dropped its fourth season in two parts. Our model calculates that “Bridgerton” drove just over 360,000 new global sign-ups during the quarter. This performance highlights how Netflix retains an unmatched ability to focus global cultural attention at scale, using exclusive event television as a top-of-funnel acquisition magnet.
Behind “Bridgerton,” however, it was an exceptionally close race between two distinct licensed properties, each offering strategic lessons. “One Piece,” the original anime rather than the live-action remake, brought in 178,000 new global subscribers, narrowly edging out “WWE Monday Night Raw,” which drove 173,000. “One Piece” benefits from a massive back catalog that keeps users engaged long after sign-up. Netflix has previously said that anime reaches over half of its global audience and the platform’s live-action adaptation has created a halo effect that actively funnels fans back into the original licensed anime.
Meanwhile, “Monday Night Raw” underscores the growing importance of live sports-entertainment to the streaming model. The series drives habitual appointment viewing every week, but its true power lies in lifecycle follow-through. When paired with the archival WWE library, “Raw” transforms from an acquisition engine into a retention powerhouse. In 2025, the first year of Netflix’s 10-year partnership with the franchise, we estimate that WWE content on Netflix saved an estimated 1.25 million subscribers globally from churning each quarter. While multi-billion-dollar original budgets capture headlines, strategic library licensing and live partnerships have become the true workhorses of streaming.
