The Limited Times

Now you can see non-English news...

Netflix adds 4.4 million subscribers, thanks to "The Squid Game"

2021-10-20T05:22:57.723Z


In the midst of a media storm, Netflix adds 4.4 million subscribers, thanks to the popular South Korean series "The Squid Game."


The most popular Korean series and movies on Netflix 0:57

New York (CNN Business) -

Netflix now has 213.5 million subscribers worldwide, after adding 4.4 million subscribers in the third quarter of 2021, the company reported Tuesday.

That number exceeded the expectations of the streaming service itself, as well as those of analysts.

The company also forecast that it would have 222 million subscribers by the next quarter.

  • What "The Squid Game" Reveals About Netflix's Global Strategy

The results immediately sent the company's shares up 2% in after-hours trading before turning negative as the night progressed.

Netflix's third-quarter earnings were $ 1.4 billion, up from $ 790 million in the prior-year quarter.

Revenues increased 16% to $ 7.4 billion.

This is not an incredible quarter for the company, which has had much higher subscriber growth in the past.

However, after two consecutive slow quarters, the third showed that Netflix seems to be on the right track again.

This report comes as Netflix grapples with controversy over a Dave Chappelle comedy special, as well as the growing popularity of "The Squid Game," a fictional South Korean drama that has taken the streaming world by storm since its debut. September 17.

advertising

  • "The Squid Game" costumes top internet searches for this Halloween

"Netflix is ​​a global, direct-to-consumer service that enables creators to reach a wider audience and offers our members an even greater variety of stories to enjoy," the company said in its letter to investors on Tuesday.

"There is no better example of this than 'The Squid Game.'

The company announced earlier this month that the dystopian series, in which contestants desperately in need of money participate in a series of deadly children's games to win cash prizes, was "the largest series to launch."

The company said Tuesday that 142 million households have watched the show in its first four weeks.

Elsewhere in the earnings report, Netflix reported that it added roughly 70,000 subscribers in the US and Canada, an improvement over the loss in the second quarter, but only about 1 million subscribers over last year's totals. in those countries.

The company still has around 74 million members in the US and Canada, but the region has become very saturated, stalling Netflix's growth there.

That is why the company has made its global expansion a point of emphasis.

Case in point: The company's highest growth in the third quarter was in the Asia-Pacific region, which accounted for about half of Netflix's earnings.

  • South Korea takes over pop culture: "Squid Game", BTS and "Parasite" became phenomena

Leaving its numbers and "The Squid Game" behind, Netflix is ​​in the midst of a media storm as it continues to champion Chappelle's new comedy special "The Closer."

The special has been criticized as transphobic by some advocates, artists, and employees of the LGBTQ + community.

It premiered earlier this month.

Netflix fired one of its employees for sharing "confidential and commercially sensitive information" outside the company about the stand-up special.

The unidentified employee was one of the organizers of an upcoming strike by the company's trans employees, according to a report from

The Verge.

Ramishah Maruf contributed to this story.

Netflix

Source: cnnespanol

All news articles on 2021-10-20

You may like

News/Politics 2024-02-29T04:54:54.488Z

Trends 24h

News/Politics 2024-03-28T06:04:53.137Z

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.