> If the TV networks had a clear picture of viewership, they would be more effective at negotiating licensing deals.

The TV networks are still stuck in the mental space of thinking of viewership count as a relevant metric because for them more viewers equals more value for ads.

But for Netflix the revenue they make is not advertising dependent so it doesn't matter whether a show has high viewership as long as it helps Netflix retain subscribers. A small show with a cult following that helps Netflix retain a subscriber for a longer period of time can be worth more money than a big box office hit that brings in a burst of short term viewership.