Netflix 15th most-watched U.S. TV “network.” Service has “more than twice the viewer hours of CNN, Discovery, MSNBC and BET, would be No. 2 in homes that subscribe to Netflix — second only to CBS.

According to an analysis of newly released figures by BTIG analyst Richard Greenfield, Netflix would be the 15th most-watched U.S. TV “network.” The video streaming service has “more than twice the viewer hours of CNN, Discovery, MSNBC and BET,” said Greenfield, who added it would be No. 2 in homes that subscribe to Netflix — second only to CBS.

His data is based on recent news from Netflix that its subscribers streamed more than 2 billion hours of TV shows and movies in Q4.

“Netflix must be eating into traditional TV viewing time,” Greenfield said “Netflix streaming usage is exploding and is far, far bigger than traditional media executives give it credit for. Netflix is actually number 15 with 666 million hours monthly or 2 billion per quarter — our prior analysis estimated number 25.”

Looking at Nielsen data for TV networks, Greenfield highlighted that after the top 15 channels, monthly viewing hours are below 500 million. “With an estimated 667 million hours of viewership per month in October, Netflix would rank as the 15th most-watched ‘network’,” he said. “Netflix had more hours of viewing in October than FX, HGTV and History…pretty amazing, given that Netflix is only in 21 million homes.”

However, Greenfield also said that looking at aggregate TV viewing in the 100 million pay TV homes, Netflix represents only 2.4% of total time spent watching: “While Netflix may be very popular in Netflix homes, it is rather meaningless when put into the context of total television viewing.”

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