Netflix is currently in the news for its latest release “Squid Game” which was a viral success and has gained the attention of the world but according to statistics, the buzz created by the movie series didn’t seem to affect or influence the number of subscribers that the giant streaming service gained in the U.S.
On Tuesday, Netflix revealed in a document to shareholders that 142 million of its subscribers have seen the widely watched South Korean movie series “Squid Game”. This figure is exactly two-thirds of the streaming service total number of subscribers of 213 subscribers globally. The South Korean movie series was widely watched and broke new records, and might have helped Netflix add new subscribers.
Netflix reported its earnings yesterday and it beat the expectations of analysts hands down. The streaming service reported that it added 4.4 million net subscribers in the third quarter. This beat the expectation of 3.84 million but it is pertinent to know that although this is a highly impressive figure, the increase did not come from the U.S. or even Canada. Netflix only added a meagre 70,000 new subscribers from that region in the third quarter, signalling a decline.
This shows that even though the company might have added new subscribers from the U.S. and Canada in the fourth quarter which began on the first of this month as a result of its “Squid Game”, it is apparent that growth has reached a standstill in the U.S. and in Canada as it has added less than a million users in the last twelve months. This may be the reason the company might be stepping into the gaming industry which is an ever-booming sector. Netflix acquired Night School Studios last month as part of its move into the gaming industry. This is expected to help push growth in the aforementioned region.
For now, “Squid Game” remains Netflix biggest show and has helped to increase subscribers. The South Korean survival game-based series is expected to be worth at least $900 million in the coming weeks.
Its continuous effort at releasing content such as “Squid Game” coupled with its launch into the gaming sector is expected to help Netflix add new subscribers in the next quarter.