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Global 'Squid Game' mania lifts Netflix quarter

Global 'Squid Game' mania lifts Netflix quarter

10/20/2021 6:55:00 AM

Global 'Squid Game' mania lifts Netflix quarter

Netflix Inc's global sensation 'Squid Game' helped lure more new customers than expected, the world's largest streaming service said on Tuesday as it predicted a packed lineup would further boost signups through the end of the year.

HBO Max and other competitors bolstered their offerings. Netflix blamed the earlier weakness in part on a thin slate of new programming caused by production shutdowns from the pandemic.Then, South Korean drama "Squid Game" debuted on Sept. 17 and surprised executives by becoming the streaming service's most-watched original series in its first month. On Tuesday, Netflix said a "mind-boggling" 142 million households had watched the dark drama about people who compete in a deadly competition to erase financial debt.

The series, made with a relatively small budget, shot to the top of Netflix viewing charts in 94 countries, kick-started sales of track suits and Vans sneakers, andkindled interest in learning Korean. "Squid Game" merchandise is now on its way to retailers, Netflix said.

The fervor around "Squid Game" also is expected to lift the current quarter. Netflix projected it will pick up 8.5 million new customers by year's end, ahead of industry forecasts of 8.33 million, as it releases a heavy lineup of new programming. Upcoming debuts include big-budget action flick "Red Notice" and a second season of fantasy drama "The Witcher." headtopics.com

It also expects a "more normalized" programming slate in 2022 spread throughout the year, "assuming no new COVID waves or unforeseen events," the company said in a quarterly letter to shareholders.Shares of Netflix were close to even in after-hours trading at $641 following the earnings report.

1/2The Netflix series "Squid Game" is played on a mobile phone in this picture illustration taken September 30, 2021. REUTERS/Kim Hong-Ji/IllustrationRead MoreOVERSEAS GROWTHMost new customer pickups in the quarter came from the Asia Pacific market, where Netflix now has 30 million subscribers. Industry experts believe the region may rival the United States and Canada - Netflix's largest market - in three to five years, said Third Bridge senior analyst Joe McCormack.

Netflix is trying new ways to attract customers overseas, includingoffering a free plan in Kenya. It will take one to two years to tell if that tactic leads to more paying subscribers, the company said.For the quarter that ended in September, diluted earnings-per-share came in at $3.19, beating analyst expectations of $2.57. Revenue rose 16% to $7.5 billion.

Before the earnings report, Netflix shares had risen roughly 22% this year and were trading near record highs, but their gains lag behind the 54% increase in the Nasdaq.Netflix, which keeps much of its viewership data secret, also said it will release information more frequently and shift its main publicly reported metric to hours viewed, rather than the number of accounts that watched a title for at least 2 minutes. headtopics.com

The company noted that it competes with a large set of activities beyond TV including TikTok and Fortnite. When Facebook Inc(FB.O)suffered a global outage in early October, "our engagement saw a 14% increase during this time period," Netflix said.

Executives did not address worker complaints about a Dave Chappelle comedy special, which the company has previously defended. Some employees say Chappelle made comments that harmful to transgender people, and they plan a walkout on Wednesday.Reporting by Eva Mathews in Bengaluru and Lisa Richwine in Los Angeles; Editing by Matthew Lewis and Stephen Coates

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They're destined to fail tho, especially with their overly bugdeted trash content. Serving shit may have worked for TVs but in digital people will eventually leave them, regardless of how convenient Netflix is.

Netflix Leaders Hail the Strength of the Global Content Operation That Yielded ‘Squid Game’Netflix’s content team in Korea was pretty sure they had a local hit on their hands in “Squid Game.” But no one at the streaming giant saw a global phenomenon coming when the thri…

HoYeon Jung of 'Squid Game' Is Louis Vuitton's Newest Global House AmbassadorThe most-followed Korean actress on Instagram is now the luxury brand’s next star.

Netflix Adds More Users Than It Predicted, Boosted by ‘Squid Game’Netflix added 4.4 million memberships in the third quarter, more than the 3.5 million it had forecast, as viewers flocked to the streaming service with the return of popular series and new hits such as “Squid Game” And yet they keep raising the prices. Lol capitalism at its finest. Well worth the cost of a subscription! Not good with violence, but with some well timed MUTE actions, it was not too, too jarring. It's visually captivating, and the writing and character development are excellent.

Netflix shows subscriber gains riding the wave of 'Squid Game'Call it the 'Squid Game' effect. After two quarters of somewhat sluggish subscriber growth, Netflix is back on track. They are having fewer and fewer good shows lately. Lots of stinkers Still need to check this show out! Sorry kept canceling and uncanceling

Reed Hastings: The Next ‘Squid Game’ Is Likely “Digesting In The Netflix Content Engine”Netflix was taking a Squid Game-themed victory lap during its third quarter financial earnings call after it emerged that a “mind-boggling” 142M households watched it during its first 28 days. Netf… Squid Game is a rip off of 'As the Gods Will' and mixed it with 'Kaiji' to make it look different.

Netflix estimates 'Squid Game' will be worth almost $900M: reportEarly estimates from Netflix reveal that Korean original series 'Squid Game' might end up being worth $900 million in value to the company, becoming the most valuable streaming series of all time. Kore drama sektöründen öğrenecek çok şeyimiz var, uyarlama senaryolarla iş bir yere kadar.