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Tuesday night's Netflix results were more interesting than usual. Squid Game is all the craze at the moment, driving new subscribers to the service. Would subscriber growth be enough for Netflix to make it to the next round or would they be eliminated? If that comment doesn't make sense to you, then you still need to watch the mega-hit Korean series.
Subscribers grew by 4.4 million, beating forecasts of 3.8 million. Management forecasts a whopping 8.5 million new subscribers next quarter, as the Squid Game 'FOMO' really kicks in. The show, which cost only $21.4 million to create, is estimated to be worth $890 million. Around 132 million people have started watching the show. That is a massive chunk of their 214 million subscribers.
Making hit shows in foreign countries is a huge win for Netflix. They are cheaper to create and they open up their service appeal to a new audience. The pressure is on to keep on producing them, which is why Netflix spends billions each year on content creation.
The share price has had a wonderful run, up 24% in 2 months, but dropped slightly when the results were released. I would say it survived the most daunting Squid Game of them all, the stock market.
