Some very surprising numbers courtesy of Moffat Nathanson. While the 43% number is a pure guess, chances are good it's not that far from the truth.
Netflix wants to replace TV, and there’s a growing consensus that Reed Hastings has already started: The new conventional wisdom is that Netflix is the reason behind a mysterious decline in TV ratings that showed up last summer and has stuck around ever since.
Here’s the latest argument in support of that theory: Netflix, which streamed 10 billion hours of video last quarter, now represents close to 6 percent of total TV viewing in the U.S., says analyst Michael Nathanson. More to the point: Nathanson figures that Netflix accounts for 43 percent of the ratings decline the networks experienced last quarter.