Today, Netflix released its third-quarter financial results, and it would be an understatement to say there was a lot of good news. In addition to exceeding its expected revenue for the term, the company also added over a million new subscribers, again exceeding expectations. With today’s positive news, the company also shared some of the things that it will do moving forward, like investing in more shows and movies and also expanding its gaming lineup.
While that last part might have you scratching your head, it appears that Netflix is doubling down on its game offerings. The company stated that in its first year of gaming, it was about learning the lay of the land and how its audience would react to the company’s new initiative. The service currently offers 35 games as part of its subscription plans, and it is apparently seeing “encouraging signs” of gaming leading to higher subscription retention. Because of this, the company is going deeper with gaming and currently has 55 games in development, with some of them being based on original Netflix properties. The firm states that it will be investing in games for the next few years, so it will be interesting to see where this takes us.
The company also discussed its new ad-supported tier of service, stating that it will arrive on November 1 in Canada and the United States. It will be expanding to nine other countries over the first two weeks of November, giving users around the world a new and less costly option for service. Netflix did hint that there could be an expansion of plans in the future but stated that it wanted to keep it simple for the initial launch. Furthermore, it also reiterated its plans to allow users sharing accounts to branch out to new accounts with its recently announced transfer service. What’s clear is that Netflix seems to understand its landscape, citing social media, YouTube, and other more traditional forms of media as competition to its own service. It will be interesting to see how it handles things moving forward.
Source: Netflix (Investors page)
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