Netflix the streaming giant
Netflix added more new subscribers than it forecast in the third quarter, but most of them were outside the U.S. where competition has grown. Netflix, the streaming giant, reported that it added 4.4 million net new subscribers in the quarter, beating market players' expectations of 3.5 million, bringing Netflix's total global paid subscribers to more than 213 million. The company only added 70,000 users in the U.S. and Canada. The figures raise questions about whether Netflix's growth has stalled in the United States. In the past 12 months, it has added fewer than 1 million new subscribers. The Asia-Pacific region was among the strongest, accounting for half of the new subscribers in the quarter, with 2.2 million new customers.
Netflix said "Squid Game" has become its most popular show to date, with 142 million households having watched the series. It was the number one show in 94 countries. Movies that also performed well included "Sweet Girl" and "The Kissing Booth 3." The streaming service also expects to receive a boost in the current quarter with the return of popular series such as "Cobra Kai" and "Tiger King."
Netflix Shares | Streaming
Netflix said it would change the way it discloses viewership data. It currently only reports the number of viewers who watch at least two minutes of a program. In the future, Netflix will report total hours watched. Netflix (NFLX) shares are up 24% since July, but fell slightly after the earnings report. During the third quarter, Netflix acquired Night School Studio, its first video game studio acquisition.
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