Fame
Squid Game cements Netflix’s top position in streaming wars
Over 142 million people have tuned into Squid Game and Netflix can thank the South Korean survival drama for boosting subscribers after a sharp slowdown in the first half of the year
Surely you’ve seen Squid Game by now, over 142 million people have tuned into the South Korean survival drama and its the reason new subscribers are flocking to Netflix
The streaming giant revealed massive subscriber growth
After a sharp slowdown in the first half of the year, Netflix added 4.38 million new subscribers, according to its earnings report for quarter three.
“Squid Game” surprised executives by becoming the streaming service’s most-watched original series and now it expects to add 8.5 million subscribers in the next quarter.
Netflix knows Squid game goes beyond the tv show, with a Saturday Night Live skit and memes on TikTok with more than 42 billion views
Many films have been delayed because of the pandemic so perhaps more people are subscribing now as Netflix rolls out a backlog of delayed content.
Netflix added it plans to have a more normal release schedule over the course of 2022.
Earnings came in line with revenue
Netflix has revealed a major change to investors, now using new metrics when reporting viewers.
The company will start reporting hours viewed rather than the number of accounts that watched
This matches traditional tv viewing data, giving credit to viewers re-watching shows.
Netflix is trying to find ways to expand past the television and film market
Netflix wants to keep your attention beyond just shows and to get people off tiktok.
The streamer has revealed a push into gaming, having purchased its first gaming studio this past quarter.
However, even though trials have started in select countries… its only early days.
In the meantime, stream on.
Adidas is contemplating a significant financial blow as it considers writing off $320 million worth of Yeezy shoes following its separation from music and fashion icon Kanye West.
The sportswear giant’s decision to sever ties with West’s Yeezy brand has left a mountain of unsold merchandise, threatening to dent the company’s balance sheet.
The partnership between Adidas and Kanye West, which began in 2013, had been immensely successful, with Yeezy shoes becoming a highly sought-after fashion statement.
However, recent controversies and disagreements between West and Adidas prompted the sportswear company to distance itself from the celebrity designer.
The massive inventory of Yeezy shoes now presents a dilemma for Adidas, as it grapples with finding a solution to deal with the surplus stock. A $320 million write-off could significantly impact the company’s financial performance in the short term.
Adidas is currently exploring various options, including discounting, donating, or repurposing the unsold inventory to mitigate the financial hit.
Warner Bros Discovery, has issued a stark warning regarding the ‘real risk’ that Hollywood faces in the aftermath of the recent strikes that have taken a considerable toll on the industry’s financial health.
The strikes, which disrupted film and television production for several weeks, resulted in substantial financial losses for studios, production companies, and countless industry professionals.
Warner Bros Discovery emphasised the necessity for a resilient and adaptable approach to navigate the ongoing challenges and uncertainties facing the film and television sector.
The conglomerate stressed the importance of implementing measures to mitigate such risks in the future, which include fostering better labour relations and contingency planning to safeguard against potential disruptions.
The message underlined the need for the industry to adapt to the evolving landscape of content creation and distribution, particularly in the digital era.
This warning from Warner Bros Discovery highlights the need for the entertainment industry to recognise the ever-changing dynamics and economic challenges, and the importance of preparedness to maintain its prominent position in the global market.
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