Netflix Inc., the Los Gatos, California-headquartered streaming media giant, said this week that the American over-the-top content platform would introduce mobile video games at its streaming platform as a pandemic-led upsurge in movie and TV streaming subscription growth had cooled down amid a fiercely competitive market landscape, while an ease of pandemic restriction added to further strains.
In point of fact, according to Netflix Inc.’s quarterly earnings’ report for fiscal Q2, 2021 that ended on June 30, the streaming industry trailblazer had been met with a steep downward spiral in new subscriptions following a boom back in the 2020s, while an acceleration in vaccination campaign that prompted people to step outdoor and engage in outside activities in Northern America, had led to a decline of 430,000 paid subscriptions over latest quarter, marking up its third quarterly decline in a decade.
Amid such garrulous outlook in video streaming business with soaring content production cost, the streaming media pioneer had also added in a statement this week that it had been an early stage to expand its mobile games offerings, however, video games in Netflix Inc’s platform would be available without any additional charges.
Meanwhile, as Netflix was looking to expand into mobile games, the company had said in a quarterly letter to the shareholders, “We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV.
Netflix to tap into mobile games as pandemic-love evaporates
According to Netflix Inc.’s quarterly earnings’ report for Q2, 2021, the streaming industry megalith had added 1.54 million new subscriptions, beating an analysts’ projection of 1.04 million and totalling its subscriptions at 209 million by June 30, however, Netflix had added a whopping 10.1 million subscriptions at the same time a year earlier.
Alongside this, Netflix Inc’s net income stood at $2.97 per share during Q2, 2021, down from Wall Street estimates of $3.16 per share, as an ease of pandemic-led curbs had lured potential customers away into outside activities.
Netflix Inc shares had wrapped up the week 2.02 per cent lower to $515.41 apiece after tumbling as much as 4.21 per cent shortly after the release of its quarterly earnings’ report.