According to Netflix’s update, views for titles are calculated in a pretty simple way, by dividing the number of hours viewed by the total run time. These values are also rounded to 100,000.
While this is an improvement, it still shouldn’t be used as an approximation of viewers.
For example, Netflix’s new measurement doesn’t account for multiple people watching a movie or show together, how many people watched all of a movie or every episode of a show, or whether the same person watched a movie or show more than once.
The view counts for Squid Game and Wednesday, incidentally, is more than its number of subscribers worldwide (232.5 million as of the first quarter), demonstrating how repeat viewing can factor into the tallies. Presumably not every Netflix account holder across the globe has watched those two series.