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Netflix is ​​backed by “squid games” and adds more users than expected

Netflix Ltd

NFLX 0.16%

Viewers are reviving popular series and “Squid game.. “

With the new additions, Netflix’s total paid global subscriber base will be 213.6 million. The company predicted that it would add 3.5 million members in three months.

Summer months usually tend to be late when it comes to adding subscribers. In the third quarter of last year, Netflix added 2.2 million subscribers, which was disappointing. At that time, the company said the significant increase in subscribers seen during the Covid-19 blockade was beginning to decline.

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In recent weeks, Netflix has benefited from the success of the Korean dystopian drama “Squid Game,” which debuted last month and soon became a global phenomenon. The series has become viral on social platforms such as TikTok, which shows videos of people replicating children’s games, while online retailers are rushing to sell “squid games.” Halloween costume..

Netflix said in a letter to investors that “Squid Game” has become the most popular show to date, with 142 million households sampling the title. It said it was the No. 1 program in 94 countries.

“Sweet Girl” starring Jason Momoa and “A story starting with a kiss” were said to be doing well.

Netflix also forecasts a strong fourth quarter in terms of content with the resurgence of the popular series Dark Dramas “You” and “Cobra Kai,” which are sequels to the movie series “The Karate Kid.” Major movies Netflix will drop in the coming months include Dwayne Johnson, Ryan Reynolds, Gal Gadot’s “Red Notice”, Leonardo DiCaprio and Jennifer Lawrence’s movie “Don’t Look Up”.

Asia Pacific is one of the company’s strongest in terms of new members, accounting for an additional half of the quarter and adding 2.2 million subscribers to the total aggregate.

In the United States and Canada, Netflix has 74.02 million subscribers, an increase of 73,000 from the end of the second quarter. Competition in the United States In particular, it has grown rapidly over the past few years as a rival, including:

Walt Disney Ltd

DIS 0.02%

Disney +,

AT & T Of a corporation

NS 1.03%

With HBO Max

Amazon.com Of a corporation

AMZN -0.08%

Prime Video continues to invade.

Netflix earlier this year said that Will make their own video game, Part of an effort to expand into new revenue streams. According to the company, games are written for mobile devices, and some games may feature characters from Netflix shows and movies. The game is included with Netflix members at no additional cost.

In a shareholder letter, Netflix said, “We have begun testing games offered in some countries.” “This initiative is still in its infancy and, like other expanded content categories, we plan to experiment with different types of games, learn from our members, and improve our game library.”

Earlier this month, Netflix too

Walmart Ltd

WMT 2.12%

Create a digital storefront on the retailer’s website that sells products related to hit shows such as “Stranger Things” and “Squid Game.”Create a contract with Wal-Mart Walmart.com area dedicated to Netflix products, Netflix marks the first online storefront that Netflix has created in collaboration with retailers nationwide.

Los Gatos, Calif.-based streaming company said revenue increased 16% to $ 7.48 billion, in line with Wall Street’s expectations.

Netflix’s profits increased from $ 790 million ($ 1.74 per share) to $ 1.45 billion ($ 3.19 per share) in the year-ago quarter. According to FactSet, its earnings are above analysts’ earnings forecast of $ 2.57 per share.

In the current holiday quarter, Netflix forecasts 8.5 million new subscribers, $ 7.71 billion in revenue, and 80 cents per share.

Write in Kimberly Chin kimberly.chin@wsj.com And with Joe Flint joe.flint@wsj.com

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Netflix is ​​backed by “squid games” and adds more users than expected

Source link Netflix is ​​backed by “squid games” and adds more users than expected

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