“Squid Game” boom attracts new Netflix subscribers | TV News

The streaming media giant exceeded expectations, adding 4.38 million users from July to September. Netflix’s global ratings have now reached 213.6 million.

Global interest in Netflix Inc’s Korean thriller “Squid Game” attracted more new customers than expected in the most recent quarter, pushing the world’s largest streaming media service’s stock price by 3% on Tuesday.

After a sharp slowdown in the first half of the year, Netflix added 4.38 million users from July to September, bringing the total number of global users to 213.6 million. According to Refinitiv data, Wall Street analysts expect 3.86 million new customers.

As COVID-19 kept viewers at home, Netflix achieved a user boom last year, but growth stagnated in the first half of 2021. At the same time, competitors including Walt Disney’s Disney+ and AT&T’s HBO Max have also strengthened their products. Netflix blamed part of the weakness earlier this year on the lack of new programming caused by production shutdowns during the pandemic.

Then, Squid Game made its debut on September 17, and according to the company, it became the streaming service’s most watched original series in the first month, which surprised executives.

This dark drama tells about a deadly competition among people to eliminate financial debt. The series has been ranked high on Netflix ratings in many countries/regions, drove the sales of sportswear and Vans sneakers, and ignited the interest in learning Korean.

The excitement of Squid Games is also expected to boost this quarter. Netflix expects to add 8.5 million new customers by the end of the year, which is higher than the industry forecast of 8.33 million, as the pace of new releases is accelerating. The upcoming premiere works include the big-budget action film “Red Notice” and the second season of the fantasy drama “The Witcher”.

In the quarter that ended in September, diluted earnings per share were $3.19, while revenue increased by 16% to $7.5 billion.

Prior to the release of the earnings report, Netflix’s stock price had risen about 22% this year, and the transaction price was close to historical highs, but its increase lags behind the 54% increase in the Nasdaq index.