The Netflix Booster Shot

Netflix has reportedly added 4.4 million subscribers in the third quarter of 2021, putting their total subscriber count at 213.5 million globally.

Netflix has had much bigger subscriber growth in the past, but after a couple of disappointing quarters, the third quarter showed that Netflix appears to be somewhat back on the right track. The global streaming service recently released its quarterly earnings report, showing that its profit over the last quarter was $1.4 billion, an improvement from the $790 million earlier this year. The company’s revenue also went up 16%, to a total of $7.4 billion.

The earnings report outdid the streaming service’s own projections. The company has also said that it would reach 222 million subscribers by the next quarter. The news of the report sent the company’s stock up by as much as 2% before going negative as the night went on.

Netflix also reported that it has gained roughly 70,000 subscribers in North America — a vast improvement from the second quarter’s loss, but only a slight rise of 1 million subscribers from the previous year’s totals in that region. The area in question has become heavily over-populated with options, but Netflix still boasts about 74 million members in the US and Canada.

This report was released as the popular streaming service is attempting to handle a controversy over a Dave Chappelle comedy special as well as dealing with the growing popularity of “Squid Game”, a South Korean thriller that has taken the entire world by storm since its debut.

Netflix announced earlier this month that Squid Games, the dystopian thriller series in which people that are desperately in need of money play dangerous versions of child games to win prizes, was the “biggest-ever series at launch” — according to the streaming service. The company also stated that around 142-million households worldwide have watched the show in just weeks after its release.

Source: Brookfield Brief