Propelled by 'Squid Game,' Netflix Boosts Its Subscriber Base to 214 Million

Harri Weber

Harri is dot.LA's senior finance reporter. She previously worked for Gizmodo, Fast Company, VentureBeat and Flipboard. Find her on Twitter and send tips on L.A. startups and venture capital to harrison@dot.la.

Propelled by 'Squid Game,' Netflix Boosts Its Subscriber Base to 214 Million
Photo by Thibault Penin on Unsplash

Netflix's subscriber base grew by 4.4 million in the last quarter, propelled in part by a new dystopian hit series, "Squid Game," which the company has called its "biggest series launch ever."

The growth helped Netflix rake in $7.5 billion in revenue during the third quarter of 2021, up 16% from the prior year.


The streaming giant's third quarter revenue roughly matches what analysts expected to see ($7.48 billion), but Netflix exceeded expectations when it came to new subscribers, as analysts anticipated about 3.84 million additions, according to CNBC.

Across the globe, Netflix says 214 million people now pay to watch movies and shows via its service.

As for "Squid Game" specifically, Netflix told investors that about 142 million "member households" watched the show in the first month since its release.

Netflix typically shares the number of accounts that stream its top movies and shows, but later this year the company says it will "shift" to another metric. Netflix plans to measure "engagement as measured by hours viewed," instead of household views, which it claims will be a "slightly better indicator of the overall success."

Netflix shares closed on Tuesday up by a fraction of a percent.

While Netflix enjoys a relative surge of users, tension is mounting inside the company as workers coordinate a walkout over its handling of Dave Chappelle's comedy special, "The Closer."

Meantime, crews working behind the scenes in Hollywood have also threatened to walk off sets run by Netflix and other members of the Alliance of Motion Picture and Television Producers over working conditions and pay. A tentative deal was reached between unionized crew members and major studios over the weekend, however entertainment workers could still reject the agreement in the coming weeks.

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Rivian Issues R1T Electric Truck Recall for Faulty Airbag Sensors

David Shultz

David Shultz is a freelance writer who lives in Santa Barbara, California. His writing has appeared in The Atlantic, Outside and Nautilus, among other publications.

Rivian Issues R1T Electric Truck Recall for Faulty Airbag Sensors
Courtesy of Rivian.
Rivian Automotive has issued a recall for 502 of its R1T electric trucks due to a potential problem with the front passenger airbag sensors. The recall affects vehicles built between Sept. 21, 2021 and April 12, 2022. The issue stems from a problem with the sensors in the seat, which are designed to detect whether a passenger is present and whether to deploy the airbag in the event of a crash.
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Venture Deals in LA Are Slowing Down, And Other Takeaways From Our Quarterly VC Survey

Keerthi Vedantam

Keerthi Vedantam is a bioscience reporter at dot.LA. She cut her teeth covering everything from cloud computing to 5G in San Francisco and Seattle. Before she covered tech, Keerthi reported on tribal lands and congressional policy in Washington, D.C. Connect with her on Twitter, Clubhouse (@keerthivedantam) or Signal at 408-470-0776.

Venture Deals in LA Are Slowing Down, And Other Takeaways From Our Quarterly VC Survey
Shutterstock

It looks like venture deals are stagnating in Los Angeles.

That’s according to dot.LA’s most recent quarterly VC sentiment survey, in which we asked L.A.-based venture capitalists for their take on the current state of the market. This time, roughly 83% of respondents reported that the number of deals they made in L.A. either stayed the same or declined in the first quarter of 2022 (58% said they stayed the same compared to the fourth quarter of 2021, while 25% said they decreased).

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