It’s been reported that the new series titled Squid Game has boosted billions of dollars for Netflix as it has been seen that it is booming with subscribers.
With the coming of COVID-19, Netflix worried that there would be a big surge and drop of it’s subscribers.
However, the entertainment star said that in the third quarter it made a profit of $1.45 billion on revenue that grew 16 percent to $7.5 billion in that period.
Subscribers jumped by 4.4 million. Double the growth seen in the same quarter in 2020, allowing the platform to end the period with 214 million worldwide.
Squid game has become the most watched television series in the world with over 142 million households in the four weeks after its release in mid-September, executives said.
“The breadth of Squid Game’s popularity is truly amazing; this show has been ranked as our #1 program in 94 countries,” Netflix said.
“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.
While the show has been condemned by LGBTQ groups. — including GLAAD, which cited studies linking stereotypes about minorities to real-world harm. — Netflix has so far stood firm, insisting the show will not be taken down.
Chappelle remains hugely popular, at a time when Netflix is competing with rivals such as HBO and Disney in the so-called streaming wars.
“We compete with a staggeringly large set of activities for consumers’ time and attention like watching linear TV, reading a book, browsing TikTok, or playing Fortnite, to name just a few,” executives said in the letter.
They noted that engagement at Netflix climbed 14 percent during the hours Facebook was hit with a major outage early this month.
Netflix said it is continuing to push into gaming. Focusing on mobile devices first, in a methodical approach expected to take years to bear meaningful fruit.
“Imagine three years from now some future Squid Game is launching and it comes along with an incredible array of interactive or gaming options that is all built into the service,” Netflix chief
Reed Hastings said on an earnings call.
“A company like Disney is still ahead of us in some of those dimensions of putting that whole experience together but boy are we making progress.”