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•Netflix added 4.4 million subscribers in the third quarter.
•Netflix said “Squid Game” has become its most popular show ever.
Netflix Inc(NFLX) added 4.4 million subscribers in the third quarter, much higher than the company expected due to the South Korean hit series “Squid Game.”
The streaming platform, which had forecast an addition of 3.5 million subscribers in the quarter, has a total of 213.6 million paid subscribers globally.
Netflix added 2.2 million subscribers in the third quarter of 2020, just missing expectations. With COVID-19 restrictions being lifted, Netflix’s subscriber’s growth had slowed down recently.
“Squid Game” success
The success of the South Korean series “Squid Game”, which released last month, has been beneficial to Netflix.
In a letter to investors, Netflix said that “Squid Game” has become its most popular show ever as 142 million member households globally watched the show in its first four weeks. The company said that it is the No. 1 program in 94 countries.
Movies such as “Sweet Girl” and “Kissing Booth 3” also performed well, it said.
Next quarter expectations
Netflix said that it expects to add 8.5 million subscribers in the fourth quarter with the return of “You” and “Cobra Kai.”
Asia Pacific region was responsible for half of the additions to Netflix’s subscribers as 2.2 million new subscribers were from the region.
Netflix also said it would change its way of disclosing viewership information as it will start reporting on the hours viewed for its titles instead of the number of accounts that watched at least two minutes of a show.
Profit of the company increased to $1.45 billion, or $3.19 a share, compared to $790 million, or $1.74 a share, in the same period last year.
Picture Credits: Associated Press