Propelled by 'Squid Game,' Netflix Boosts Its Subscriber Base to 214 Million
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.
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.- Netflix Sees YouTube as Its Biggest Threat - dot.LA ›
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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.
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