Today, Ybarra tweeted that the new Netflix update for Xbox One S is live, with 4K and HDR streaming support.
Updated Netflix app with the new Xbox One release. Netflix now supports 4K and HDR for Xbox One S!
— Mike Ybarra (@XboxQwik) July 30, 2016
The app was updated a few hours ago and everybody should be receiving the update over the coming days. The update will also hit regular Xbox One consoles but because of the limitations of the hardware, it is not possible to stream 4K or HDR content on the standard Xbox One console.
The Xbox One S releases August 2nd.