NEW YORK - Netflix, July 11 -- a live television channel running continuously without a play button or an episode queue.

The Wall Street Journal reported this week that Netflix is exploring the launch of always-on linear channels for subscribers - a format that replicates traditional cable television, which Netflix spent its early years positioning as an obsolete technology. As TechCrunch reported, the company declined to comment on the details.

The internal discussion arrives against a specific set of numbers. Nielsen data cited in the Journal's report puts Netflix's share of total U.S. television viewing at 7.8% in April, a significant figure in absolute terms and a meaningful retreat from the platform's peak viewership share two year...