Netflix released its quarterly report this week, and it revealed a surge in users. The company also reported that the most popular show on the platform is the sci-fi drama “Squid.”
Netflix Reports Jump in Users, Calls ‘Squid Game’ Its Most Popular Show Ever. Read more in detail here: most popular game right now.
In the third quarter, Netflix Inc. NFLX 0.16 percent acquired 4.4 million new subscriptions, exceeding the company’s expectations, as fans rushed to the streaming platform to watch the return of classic shows and new hits like “Squid Game.”
Netflix now has a total paid worldwide member base of 213.6 million people thanks to the latest arrivals. In the three-month period, the business expected to attract 3.5 million new members, according to its estimate.
Summer months are often sluggish in terms of new subscription acquisitions. Netflix gained 2.2 million members in the third quarter of last year, barely missing forecasts. The firm stated at the time that the large increases in subscribers observed during the Covid-19 shutdown were starting to fade.
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Netflix has benefitted in recent weeks from the popularity of “Squid Game,” a South Korean dystopian drama that premiered on September 17 and soon became a worldwide sensation. The series has gone viral, with recordings of adults imitating the children’s activities appearing on social media sites such as TikTok, and online merchants racing to offer “Squid Game” Halloween costumes.
Netflix stated in a letter to investors that “Squid Game” has become the company’s most popular program ever, with 142 million households watching it. It claims to be the most popular show in 94 countries.
“Our team recognized something no one else did and created an environment for that creator to make a great show,” Ted Sarandos, Co-Chief Executive and Chief Content Officer, said, noting that “Squid Game” creator Hwang Dong-hyuk had tried for several years to get the show made before Netflix grabbed it.
“Sweet Girl,” starring Jason Momoa, and “The Kissing Booth 3” were among the top-grossing films, according to the studio.
With the return of the dark drama “You” and “Cobra Kai,” the popular series that is a kind of successor to the “Karate Kid” movie franchise, Netflix is predicting a good fourth quarter in terms of programming. “Red Notice,” starring Dwayne Johnson, Ryan Reynolds, and Gal Gadot, and “Don’t Look Up,” starring Leonardo DiCaprio and Jennifer Lawrence, are among the big films Netflix will release in the coming months.
During the company’s video call to announce its results, Netflix Chairman and Co-CEO Reed Hastings, who was wearing a “Squid Game” warm-up jacket, stated, “We have so much content coming in Q4 like we’ve never had.”
The Asia Pacific area was one of the company’s best in terms of new members, accounting for half of the quarter’s additions, bringing the overall number of subscribers to 2.2 million.
With the return of the dark drama ‘You,’ Netflix is predicting a good fourth quarter in terms of programming.
Image courtesy of Netflix
Netflix has 74.02 million members in the United States and Canada at the end of the third quarter, up 73,000 from the second quarter. In the United States, competition has intensified in recent years, with competitors such as Walt Disney Co. DIS 0.02 percent’s Disney+, AT&T Inc.’s T 1.03 percent HBOMax, and Amazon.com Inc.’s AMZN -0.08 percent Prime Video making inroads.
Netflix also said that it will alter the way it publishes viewing data. It now keeps track of how many accounts viewed at least two minutes of a program. Instead, it will focus on the number of hours spent watching its titles in the future.
Netflix said earlier this year that it will create its own videogames as part of a strategy to diversify its income sources. The games will be developed for mobile devices, and some of them will include characters from Netflix programs and movies, according to the firm. Netflix subscribers will get the games at no additional cost.
In a shareholder letter, Netflix said, “We’ve started testing our gaming offering in certain regions.” “We intend to attempt various kinds of games, learn from our members, and enhance our game library,” says the company. “Like other content categories we’ve grown into, we want to try new types of games, learn from our users, and develop our game library.”
Netflix purchased Night School Studio, a gaming business whose titles include “Oxenfree,” in the third quarter. Netflix claims that the acquisition will assist in the growth of its development skills.
Netflix also partnered with Walmart Inc. WMT 2.12 percent earlier this month to launch a digital shop on Walmart’s website that would offer items related to popular programs like “Stranger Things” and “Squid Game.” The agreement with Walmart establishes a specific section of Walmart.com for Netflix goods, the Netflix, marking the first time Netflix has collaborated with a major retailer on an online shop.
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With the acquisition of the Road Dahl collection, Netflix has added famous titles like “Charlie and the Chocolate Factory” and “Matilda” to its library of unique material.
While Netflix benefits from the success of its programs, one of its new original pieces of material has caused internal strife.
The new Dave Chappelle stand-up comedy special “The Closer,” one of the company’s greatest successes, has sparked controversy because of comments made by the comic that several workers said were insulting to the transgender community. GLAAD, an LGBTQ rights advocacy organization, has spoken out against the program, and the National Black Justice Coalition has urged Netflix to remove it off its platform.
On Wednesday, a transgender employee organization is calling for all Netflix workers to walk out in protest of the special—and Netflix’s defense of the program.
Mr. Sarandos defended the program and its popularity in two emails to employees, arguing that a business that strives to please everyone may sometimes have material that some people find offensive.
Netflix’s culture has revealed fractures as a result of the reaction to “The Closer.” While Netflix encourages employees to be open with one another, it discourages them from speaking with the media or posting opinions about its content or operations on social media. Netflix dismissed an employee last week after Bloomberg News obtained sensitive financial information regarding programming expenses.
Netflix reported a 16 percent increase in revenue to $7.48 billion, which was in line with Wall Street forecasts.
The earnings of the Los Gatos, Calif.-based business rose to $1.45 billion, or $3.19 per share, from $790 million, or $1.74 per share, a year earlier. According to FactSet, the company’s bottom line surpassed analysts’ expectations of $2.57 per share.
Other entertainment businesses aren’t Netflix’s sole rivals, according to the company. It’s also competing with social media and video games for viewers. When Facebook Inc. suffered a worldwide outage for several hours on Oct. 4, for example, Netflix claimed interaction increased by 14%.
Joe Flint can be reached at joe.flint@wsj.com, and Kimberly Chin can be reached at kimberly.chin@wsj.com.
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