Netflix made a big splash last year when it inked deals with various media companies to become the exclusive home for some of the biggest video podcasts around, including The Bill Simmons Podcast and Pardon My Take.

So far, it doesn’t sound like the multi-million dollar bet is paying off.

Netflix announced in October it was partnering with Spotify Studios and The Ringer to exclusively show the video versions of their most popular podcasts, including The Bill Simmons Podcast, The Zach Lowe Show, The McShay Show, Fairway Rollin’, The Mismatch, The Ringer F1 Show, The Ringer Fantasy Football Show, The Ringer NFL Show, and The Ringer NBA Show.

In December, Netflix and Barstool Sports inked a deal “in the eight figures” annually for the streamer to become the exclusive home of video versions of Pardon My Take, Spittin’ Chiclets, and The Ryen Russillo Show. 

Netflix also announced a similar deal with iHeartMedia in December and recently expanded that arrangement.

During an investor call in October, Greg Peters, a Netflix co-chief executive, said the company’s focus on the category was “based on demand signals that we get from our members.” The move was also a direct shot at YouTube, as the two companies have been going head-to-head in the battle to keep American attention spans focused on their platforms.

According to Puck’s Matthew Belloni, those demand signals haven’t translated into strong viewership so far.

“To date, no video podcast has charted on Nielsen’s weekly top 10, which Netflix tends to dominate, and multiple company sources have told me that the podcast engagement numbers on the whole are low,” Belloni wrote on Thursday as part of a larger piece on Netflix’s recent struggles.

Belloni added that the streamer’s growth has slowed overall.

“The company’s most recent Engagement Report revealed total hours viewed in the second half of 2025 increased by just 2 percent while MoffettNathanson estimated that the global user base grew by 10 percent, ‘which translates to an 8 percent decline in daily engagement per subscriber.'”

Netflix viewers can tell you that the company has put those video podcasts front and center since the partnerships were established, so it’s not as though subscribers haven’t had access to them. It might simply be a case of Netflix having too much content for video podcasts to stand out. Or perhaps those audiences are happy to stick with the audio format rather than paying for yet another streaming service just to watch their favorite show.

To be fair, what Belloni is hearing might also not be the entire story. A June 3 report from Edison Podcast Metrics on Q1 2026 found that 14% of weekly podcast consumers have used Netflix to listen to podcasts. So the audience does seem to exist. As to whether it’s financially lucrative yet, might be the missing link.

Those invested in the success of video podcasts, especially those in exclusive deals, are banking on these still being early days, and that the risk will bring rewards, sooner or later.

“We were kind of the tip of the spear for them. Which, that’s a little scary,” Pardon My Take’s Dan “Big Cat” Katz said in April. “Because there’s a little bit of tension where people are like, ‘Well, I’m not going to watch podcasts on Netflix.’ I get it. I think where we’re going to end up in a couple of years, it’s going to be very commonplace for people to consume their podcasts on Netflix. So being the first to do it is always a little scary, but it was a great opportunity, and they’ve been great partners.”