‘Squid Game’ has been watched by two-thirds of all Netflix users but didn’t move the needle on U.S. subscribers



Scene from “Squid Recreation” through Netflix

Supply: Netflix

It is going to look like each and every American you recognize has watched “Squid Recreation,” however the display’s reputation has no longer but created a surge of recent Netflix subscribers within the U.S.

142 million Netflix subscribers have observed a minimum of two mins of the wildly standard South Korean drama, Netflix printed in its shareholder letter Tuesday. That is precisely two-thirds of the corporate’s 213 million international shoppers.

However whilst Netflix won 4.4 million internet subscribers within the 3rd quarter, topping reasonable analyst estimates of three.5 million, the expansion did not come from the U.S. or Canada. Netflix added simply 70,000 customers from the area within the quarter.

Whilst it is imaginable Netflix will have added extra American or Canadian subscribers from “Squid Recreation” within the fourth quarter, which started Oct. 1, the corporate did not modify its preexisting 8.5 million international forecast for the length.

It is turning into transparent that Netflix’s enlargement has stalled within the U.S. and Canada. Netflix has added lower than a million subscribers within the area prior to now three hundred and sixty five days. That is a part of the explanation why Netflix is starting to dabble in video games. It’ll be attention-grabbing to look if Netflix does anything else unexpected within the coming months to jumpstart enlargement within the U.S. and Canada, or if it is content material with its enlargement plateau within the area so long as it is nonetheless charging forward across the world.

The corporate’s 74 million U.S. and Canada subscribers additionally serves a de facto ceiling for Netflix’s streaming pageant. Netflix nonetheless dominates Disney+, Hulu, AT&T‘s HBO Max, NBCUniversal‘s Peacock and different, more recent streaming products and services when it comes to total subscribers. Cowen & Co. revealed survey effects previous this month in a observe to purchasers that confirmed 25% of respondents stated they used Netflix greater than some other video provider — together with usual cable and broadcast TV. That dwarfed different subscription streaming products and services. Amazon High Video was once the following easiest at 7.3%.

If “Squid Recreation” can not usher in tens of millions of recent subscribers, it is truthful to wonder whether any new content material can in point of fact transfer the needle within the area.

Disclosure: Comcast’s NBCUniversal is the guardian corporate of each CNBC and the Peacock streaming provider.


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