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

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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How Women’s Purchasing Power Is Creating a New Wave of Economic Opportunities In Sports

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

How Women’s Purchasing Power Is Creating a New Wave of Economic Opportunities In Sports
Samson Amore

According to a Forbes report last April, both the viewership and dollars behind women’s sports at a collegiate and professional level are growing.

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LA Tech Week Day 5: Social Highlights
Evan Xie

L.A. Tech Week has brought venture capitalists, founders and entrepreneurs from around the world to the California coast. With so many tech nerds in one place, it's easy to laugh, joke and reminisce about the future of tech in SoCal.

Here's what people are saying about the fifth day of L.A. Tech Week on social:

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LA Tech Week: How These Six Greentech Startups Are Tackling Major Climate Issues

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

LA Tech Week: How These Six Greentech Startups Are Tackling Major Climate Issues
Samson Amore

At Lowercarbon Capital’s LA Tech Week event Thursday, the synergy between the region’s aerospace industry and greentech startups was clear.

The event sponsored by Lowercarbon, Climate Draft (and the defunct Silicon Valley Bank’s Climate Technology & Sustainability team) brought together a handful of local startups in Hawthorne not far from LAX, and many of the companies shared DNA with arguably the region’s most famous tech resident: SpaceX.

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samsonamore@dot.la
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