Netflix is exploring live television channels and third-party streaming bundles, including a potential partnership with NBCUniversal's Peacock, as the company works to reverse a quiet decline in viewer engagement despite continuing to post strong profits and industry-low subscriber cancellation rates, according to a Wall Street Journal report.

The strategic pivot, first reported by the Journal and confirmed through subsequent coverage from multiple outlets including GuruFocus and 9to5Mac, marks a notable departure for a company that built its identity around a simple, on-demand streaming library. According to people familiar with the matter cited by the Journal, top Netflix executives have discussed introducing continuously running live channels that would stream certain programs, genres or films around the clock, alongside a separate proposal to bundle third-party subscription services, including Peacock, directly within Netflix's own app.

Importantly, the concern driving the shift is not subscriber losses. Netflix continues to maintain some of the lowest cancellation rates in the streaming industry and has kept posting strong profit growth, even as major hits such as "Bridgerton" and "Stranger Things" continue drawing large audiences. The issue instead centers on viewer engagement, a metric tracking factors such as total time spent watching content and completion rates for individual movies and series, both of which have shown signs of softening even among subscribers who remain paying customers.

That softening comes against a backdrop of broader competitive pressure. Netflix's US television viewership share slipped to a multiyear low of 7.8% in........

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