Netflix adds 4.4 million subscribers and tops revenue; praises Squid game

Netflix reported that it gained 4.4 million more subscribers in the recently ended quarter, achieving revenue high and Profit predictions with hits like the squid game captivate the audience. The company also forecast that it would have 222 million subscribers for the next quarter.

Analysts were concerned that the surge in Netflix subscriptions could lead to a drop in new memberships as people were trapped at home during the epidemic. However, the video streaming entertainment star said it made a profit of $1.45 billion on revenue that grew 16 percent to $7.5 billion in the quarter. 

The report comes as Netflix is dealing watching the growing popularity of “Squid Game“, a fictional drama from South Korea that has taken the streaming world by storm since its September 17 debut.

“We’re very excited to finish 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.” Netflix said in the letter.

The biggest revenue return shows were Money Heist and Sex Education. According to the Silicon Valley powerhouse, these shows have been viewed by 69 million and 55 million households respectively.

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Squid Game- on the other hand, has been viewed by 142 households in the four weeks after its release in mid-September, executives said. The show has been regarded by Netflix as “a unique Korean story that first captured the zeitgeist in Korea and then globally.” Moreover, the series has been criticized as transphobic by some LGBTQ+ advocates, artists, and employees. 

Meanwhile, Netflix also reported that it added roughly 70,000 subscribers in the US and Canada. For Netflix’s subscription surge, the squid game helped with around 2.2 million added members across the Asia-Pacific region only.