Squid Game’s record success boosts Netflix subscriber numbers
Netflix has smashed subscriber expectations following the record success of South Korean hit series “Squid Game”.
The streaming service now expects to add 8.5 million paid subscribers in the next quarter, beating the 8.33m forecast made by analysts.
Squid Game’s debuted on 17 September and became the streaming service’s most-watched original series in its first month.
It has developed a 111m strong fan base in just 27 days after its release.
The dark drama tells the story of people who compete in a deadly competition to erase financial debt.
The series has topped Netflix viewing charts in multiple countries, kick-started sales of track suits and Vans sneakers, and kindled interest in learning Korean.
Global interest in the show has even helped boost shares in the company by three percent.
In its earnings report, Netflix also revealed that third quarter revenue rose by 16 per cent to $7.5bn from $6.44bn.
The streaming giant’s profits – as shown in earnings-per-share – came in at $3.19.
This was in line with expectations for the third quarter.
Netflix is also pushing its new releases in the fourth-quarter such as big-budget action flick “Red Notice” and a second season of fantasy drama “The Witcher.”
Before the earnings report, Netflix shares had risen roughly 22 per cent this year and were trading near record highs, but their gains lagged behind the 54 per cent increase in the Nasdaq.