Wall Street is worried about Netflix's new shows. Its old ones are its secret weapon.

Netflix gets lots of attention for new seasons of hit series like "Bridgerton." But those shows aren't what drives most viewing on the service. Liam Daniel/Netflix Netflix may have a problem generating new massive hits. But massive new hits are only part of the Netflix story. Most viewing from Netflix actually comes from older shows and movies — a source of strength for the streamer. Wall Street worries that Netflix has an engagement problem. Netflix says it's doing fine, actually. Wall Street worriers base their fears, in part, on the viewership data Netflix periodically releases — data Netflix says it's going to give out less frequently now . But you can also look at that same data and find reasons to be more optimistic about Netflix's prospects. So here's a pro-Netflix story, expressed in chart form, courtesy of MoffettNathanson analyst Robert Fishman: Robert Fishman/MoffettNathanson It also requires some explanation.