[brimble]

It matters if they're not spending less for each show, on average, than other services. If you're dropping $20m a season, on average, and so are your competitors, but more of yours are duds, that's bad. If you're dropping $5m to your competitors' $20m, maybe it's not a problem if, say, twice as many of your seasons are bad.

But, part of the trouble with this analysis, as far as sussing out the above issue, is season-count. How many Netflix originals are as long as, say, The Sopranos? Or The Wire? How many are only one season, or maybe two? It's possible (possible! I do not know) the hours-of-original-content difference between Netflix and the other services isn't as large as this suggests. Or that it's even larger. Hard to tell.

I'd say that this chart points toward bad things for Netflix, but without some other pieces of data it's hard to tell what it's actually saying.