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Squid Game helps Netflix pulls in subscribers
Analysts had been worried that a surge in Netflix subscriptions during pandemic lockdowns would be followed by a plunge as the world opened back up.
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A scene from South Korea's Netflix Drama 'Squid Game' (The Jakarta Post/Netflix)
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etflix reported billion-dollar profits and booming subscriber growth Tuesday that beat forecasts as global hits like Squid Game drew viewers in droves.
Analysts had been worried that a surge in Netflix subscriptions during pandemic lockdowns would be followed by a plunge as the world opened back up.
But the streaming 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.
After rolling out a lighter-than-normal slate of content in the first half of this year due to Covid-related production delays, Netflix said it was finishing the year with "what we expect to be our strongest Q4 content offering yet."
"Our programming strategy is to provide members with a wide variety of high quality content that's loved and watched in large numbers," it said in a statement.
New seasons of original Netflix series Money Heist and Sex Education were the biggest returning shows, viewed by 69 million and 55 million households respectively, according to the Silicon Valley powerhouse.
