The ‘squid game’ frenzy lures new customers to Netflix Television news

The streaming giant added 4.38 million subscribers from July to September, on top of estimates. Netflix now has 213.6 million viewers worldwide.

Netflix Inc.’s global interest in Korean thriller squid games has attracted more new customers than expected in recent quarters, boosting shares of the world’s largest streaming service by 3 percent on Tuesday.

After a severe recession in the first half of the year, Netflix added 4.38 million subscribers from July to September, bringing the total to 213.6 million worldwide. Wall Street analysts expected 3.86 million new subscribers, according to referential data.

Netflix grew a subscriber last year because COVID-19 kept viewers at home, but growth slowed in the first half of 2021. At the same time, competitors, including Walt Disney Co’s Disney + and AT&T Inc.’s HBO Max, have strengthened their offers. Netflix partly blamed weaknesses earlier this year on the thin slate of new programming due to production shutdowns during the epidemic.

Then, the squid game debuted on September 17 and, according to the company, surprised the executives by becoming the most watched main series of the streaming service in the first month.

The Dark Drama tells the story of people who take part in a fierce competition to wipe out financial. The series has topped Netflix viewing charts in multiple countries, has started selling tracksuits and van sneakers and has sparked interest in learning Korean.

Tensions surrounding the squid game are expected to increase in the current quarter. Netflix estimates it will collect 8.5 million new subscribers by the end of the year, ahead of the industry forecast of 8.33 million, as new release speeds up. Upcoming debuts include the big-budget action flick Red Notice and the second season of the fantasy drama The Witcher.

For the quarter ended September, thin earnings per share came in at 19 3.19 while revenue rose 16 percent to 5 7.5 billion.

Prior to the earnings report, shares of Netflix had risen nearly 22 percent this year and were trading near record highs, but their profits lagged behind Nasdaq’s 54 percent gain.

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