On Tuesday, video streaming giant, Netflix has announced billion-dollar profits and booming new subscriber growth that surpassed predictions as worldwide successes like Squid Game attracted viewers in droves. Analysts had been worried that a surge in Netflix new subscribers during the pandemic lockdowns would be followed by a fall as the world opened back up.
Netflix Added Nearly 4.4 Million New Subscribers
But the company stated that in the third quarter it earned a profit of $1.45 billion on revenue that rose 16% to $7.5 billion in that period. Netflix subscribers surged by 4.4 million, double the growth of the new subscribers witnessed in the same quarter in 2020, enabling the platform to complete the period with 214 million worldwide.
Netflix Intends to Provide High-Quality Content to its Subscribers
After releasing a lighter-than-normal slate of content in the first half of this year because of the Covid-related production setbacks, Netflix stated that it was ending the year with “what we expect to be our strongest Q4 content offering yet, to bring in more new subscribers.” “Our programming strategy is to provide members with a wide variety of high-quality content that’s loved and watched in large numbers,” it announced in a statement.
Squid Game Has Been Ranked #1 Program in 94 Countries
Furthermore, Squid Game became Netflix’s biggest show ever, watched by a “mind-boggling” 142 million households in the four weeks after its release in mid-September, officials stated. “The breadth of Squid Game’s popularity is truly amazing; this show has been ranked as our #1 program in 94 countries,” Netflix said.
In addition to this, Squid Game-themed merchandises are on their way to retail outlets, as Netflix informed the investors. Most of the new subscribers in the quarter came from the Asia-Pacific region, which valued 2.2 million added Netflix members.
Moreover, Joe McCormack, a senior analyst at Third Bridge, pointed to the potential of the Squid Game sensation. “Squid Game was Netflix’s recent example of generating a global hit, with two-thirds of the company’s total subscribers viewing the series in the first four weeks,” he wrote.
Source: Geo News