Netflix's (NFLX) recent move to release viewing data is a significant step toward greater transparency for a company that has historically kept audience figures off limits to the public.

Last week, the streaming giant released its first-ever biannual viewing report dubbed "What We Watched: A Netflix Engagement Report." The report covers six months of data and includes hours viewed for every title (original and licensed) watched for over 50,000 hours. In total, Netflix said the report covers more than 18,000 titles — representing 99% of all viewing on Netflix — and nearly 100 billion hours viewed.

Prior to the report, Netflix, like other streamers, hadn't made many specifics on viewership available externally, but the Hollywood guilds recently secured transparency provisions in their latest contract negotiations with the studios.

Third-party rating services like Nielsen and Comscore also don't track streaming ratings as they do with linear television.

Netflix has released its weekly top 10 lists and Most Popular report since 2021 — but that dataset remains limited in scope relative to the new report given it's restricted to a handful of titles.

"In the earliest days, it really wasn't really in our interest to be that transparent because we were building a new business and we needed room to learn," Netflix co-CEO Ted Sarandos said on a press call last week, adding the company didn't want to provide a "roadmap" to competitors and that, by not releasing data, it wasn't beholden to numbers and ratings.

But as the business evolved, "the unintended consequence of not having more transparent data about our engagement was it created an atmosphere of mistrust over time with producers and creators and the press," the executive said. "So I would say that this is on the continuum of transparency as streaming has become more and more mainstream."

Netflix has been ahead of the curve relative to competitors, which still largely keep their respective streaming figures hidden. It's possible Netflix's move could prompt more transparency as more consumers cut the cord or drop their cable packages and the media world evolves past overnight Nielsen ratings.

Netflix wouldn't speculate on what others might do in response.

"That'll just be up to them," Sarandos said. "They're all running their businesses as they see fit and they are also in different places in their existence. We thought very differently about this 10 years ago, too."

What's different from years past is the push from the creative community, who called for more data transparency during both the writers and actors strikes.

The argument? To better compensate creators who produce highly engaging content. Both guilds were able to secure this provision in their respective contracts.

On the call, Netflix confirmed the new engagement data is the exact data shared with creatives.

Top findings from Netflix's data dump

Netflix's data is interesting in the context of what content works and which areas Netflix has an opportunity to further capitalize on. For instance, South Korea was the most successful territory after the United States, thanks to shows like "The Glory," "Physical:100," and "Crash Course in Romance."

This suggests an opportunity to leverage more K-content in the region.

"Hardly anybody turns off the things that they love. And hardly anyone watches things that they hate when it's so easy to switch to something else. So we think this is the most accurate reflection of that," Sarandos said, explaining how the data can help inform the company's content decisions.

In April, Netflix confirmed plans to spend $2.5 billion over the next four years to produce more Korean movies, TV series, and reality shows. Sarandos has previously spoken about the opportunity for more unscripted local language content, citing the success of K-reality shows like "Physical: 100."

Licensed content, meanwhile, made up a significant portion of viewing hours as shows like "Suits" saw new life on the platform. From January to June 2023, 55% of viewing came from Netflix films and series with 45% from licensed titles.

Licensed content often keeps viewers engaged between new seasons of original series, which continued to lead the engagement report.

In fact, nine of the top 10 shows are all Netflix originals, led by Season 1 of "The Night Agent" and the second installment of "Ginny and Georgia." Telenovela "La Reina del Sur" is the only licensed show in the top 10.

The resurgence of licensed content seems to have brought the streaming wars full circle after companies spent billions to create original IP in a bid to edge out competitors and attract subscribers. It also underscores Netflix's ability to find audiences for shows and movies that aren't its own — especially as content budgets shrink across the board.

But despite licensing picking up steam, Netflix said it doesn't plan to license its own content to competitors anytime soon.

"What's interesting is a show like 'Suits,' which has been played on USA for a long time, has been available on Peacock and had been available on Amazon for a couple of years before it hit Netflix, and yet we were able to unlock this enormous, enormous global audience for it," Sarandos said in response to Yahoo Finance's question on the call regarding its licensing strategy.

"That's the combination of our large subscriber base and our recommendation system that knew to put 'Suits' in front of people who were going love it the most," he said. "I do not think that that necessarily would happen in reverse. I do think that we can add tremendous value when we license content. I'm not positive that that's reciprocal."

Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on Twitter @allie_canal, LinkedIn, and email her at [email protected].

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