Soaring Netflix beats forecasts as subscriber numbers jump
SAN FRANCISCO: Netflix reported billion-dollar profits and booming subscriber growth Tuesday that beat forecasts as global hits like Squid Games drew viewers in their 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 per cent to $7.5 billion in that period.
Subscribers jumped by 4.4 million, double the growth was 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 the 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.
– Free speech controversy –
Squid Game became Netflix’s biggest show ever, watched by a “mind-boggling” 142 million households in the four weeks after its release in mid-September, executives said.
They described Squid Games as “a unique Korean story that first captured the zeitgeist in Korea and then globally.”
“The breadth of Squid Game’s popularity is truly amazing; this show has been ranked as our #1 program in 94 countries,” Netflix said.
“Squid Game has also pierced the cultural zeitgeist, spawning a Saturday Night Live skit and memes/clips on TikTok with more than 42 billion views.”
Squid Game themed products were on their way to retail outlets, Netflix told investors.
Most of the subscriber growth in the quarter came from the Asia-Pacific region, which accounted for 2.2 million added Netflix members.
But Netflix has also been plunged into America’s culture wars by a Dave Chappelle comedy special that raises concerns about free speech and censorship but has been slammed by its own employees as transphobic.
In “The Closer,” boundary-pushing mega-star Chappelle responds to critics who have accused him of mocking transgender people in the past by asserting that “gender is a fact” and accusing LGBTQ people of being “too sensitive.”
“In our country, you can shoot and kill” a Black man, “but you’d better not hurt a gay person’s feelings,” says the stand-up comic, who is Black.
While the show has been condemned by LGBTQ groups — including GLAAD, which cited studies linking stereotypes about minorities to real-world harm — Netflix has so far stood firm, insisting the show will not be taken down.
But the streaming giant finds itself trapped at the centre of arguably its most intense controversy yet.
Chappelle remains hugely popular, at a time when Netflix is competing with rivals such as HBO and Disney in the so-called streaming wars.
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