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Netflix (NFLX) Announces Season 2 of Global Hit Squid Game
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Netflix (NFLX - Free Report) recently gave a green signal to the next season of its highly acclaimed series — Squid Game.
Squid Game is a fictional drama from South Korea in which 456 contestants who are desperately in need of money play deadly children's games to win a cash prize of about $38.5 million. Last season’s winner Gi-hun will be back with The Front Man, in addition to a brand-new character. Killer doll Young-hee is officially absent in season 2 and viewers will be introduced to her boyfriend Cheol-su.
It is Netflix’s biggest-ever TV show based on the fact that streamers worldwide streamed the show for 1.65 billion hours during the first 28 days of its release. Netflix paid $21.4 million for Squid Game and estimates the series to deliver $891 million in impact value, per a Bloomberg report.
The overall viewing of the ultra-violent Korean drama in the first month is 2.6 times that of Netflix’s next biggest show, Shonda Rhimes’ Bridgerton Season 1, which generated 625 million hours during its first 28 days of release.
The company is betting that a second season may help impede the 69.6% slump in shares in the year-to-date period compared with the Zacks Consumer Discretionary sector’s fall of 31.8%.
This Zacks Rank #3 (Hold) company has been struggling so far in 2022, primarily due to stiff competition, the unfavorable impact of account sharing, a weak economy, multi-decade-high inflation, the Russia-Ukraine conflict and some lingering COVID-19 disruptions. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The near-term outlook is not enthusiastic as Netflix expects to lose two million paid subscribers in second-quarter 2022, thanks to significant competition from the likes of Apple’s (AAPL - Free Report) Apple TV+, Disney’s (DIS - Free Report) Disney+ and Amazon’s (AMZN - Free Report) Prime Video services.
Apple TV+ outbid Netflix to win the rights of Sugar. Apple TV+ is gaining solid reputation, with Ted Lasso winning multiple Emmy Awards and CODA winning three Academy Awards.
Disney recently began offering its streaming service, Disney+ in 16 countries across the Middle East and North Africa. Given the breadth of Disney+'s content, the streaming platform is expected to grab the second spot with a subscriber base of 6.5 million in the region by 2027, trailing only Netflix, which is likely to have a viewer base of 11 million, per Digital TV Research data. Amazon is expected to outperform Starzplay with 4.8 million subscribers to grab the third spot.
Nonetheless, Netflix’s focus on originals — both movies and TV shows — has been another major growth driver. The success of Roma, Bird Box, Triple Frontier, Murder Mystery and The Irishman surely validates the company’s evolution as a major movie studio.
It is also adding four new games that can be downloaded directly from the Netflix mobile app, with an aim to expand its gaming lineup.
The new titles that have been launched include Dragon Up (East Side Games), Moonlighter (11 Bit Studios), Townsmen - A Kingdom Rebuilt (HandyGames), and Exploding Kittens - The Game (Exploding Kittens Digital). These four titles bring the Netflix catalog to 22 games.
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Netflix (NFLX) Announces Season 2 of Global Hit Squid Game
Netflix (NFLX - Free Report) recently gave a green signal to the next season of its highly acclaimed series — Squid Game.
Squid Game is a fictional drama from South Korea in which 456 contestants who are desperately in need of money play deadly children's games to win a cash prize of about $38.5 million. Last season’s winner Gi-hun will be back with The Front Man, in addition to a brand-new character. Killer doll Young-hee is officially absent in season 2 and viewers will be introduced to her boyfriend Cheol-su.
It is Netflix’s biggest-ever TV show based on the fact that streamers worldwide streamed the show for 1.65 billion hours during the first 28 days of its release. Netflix paid $21.4 million for Squid Game and estimates the series to deliver $891 million in impact value, per a Bloomberg report.
The overall viewing of the ultra-violent Korean drama in the first month is 2.6 times that of Netflix’s next biggest show, Shonda Rhimes’ Bridgerton Season 1, which generated 625 million hours during its first 28 days of release.
Netflix, Inc. Price and Consensus
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Netflix Stock Suffers Amid Rising Uncertainties
The company is betting that a second season may help impede the 69.6% slump in shares in the year-to-date period compared with the Zacks Consumer Discretionary sector’s fall of 31.8%.
This Zacks Rank #3 (Hold) company has been struggling so far in 2022, primarily due to stiff competition, the unfavorable impact of account sharing, a weak economy, multi-decade-high inflation, the Russia-Ukraine conflict and some lingering COVID-19 disruptions. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The near-term outlook is not enthusiastic as Netflix expects to lose two million paid subscribers in second-quarter 2022, thanks to significant competition from the likes of Apple’s (AAPL - Free Report) Apple TV+, Disney’s (DIS - Free Report) Disney+ and Amazon’s (AMZN - Free Report) Prime Video services.
Apple TV+ outbid Netflix to win the rights of Sugar. Apple TV+ is gaining solid reputation, with Ted Lasso winning multiple Emmy Awards and CODA winning three Academy Awards.
Disney recently began offering its streaming service, Disney+ in 16 countries across the Middle East and North Africa. Given the breadth of Disney+'s content, the streaming platform is expected to grab the second spot with a subscriber base of 6.5 million in the region by 2027, trailing only Netflix, which is likely to have a viewer base of 11 million, per Digital TV Research data. Amazon is expected to outperform Starzplay with 4.8 million subscribers to grab the third spot.
Nonetheless, Netflix’s focus on originals — both movies and TV shows — has been another major growth driver. The success of Roma, Bird Box, Triple Frontier, Murder Mystery and The Irishman surely validates the company’s evolution as a major movie studio.
It is also adding four new games that can be downloaded directly from the Netflix mobile app, with an aim to expand its gaming lineup.
The new titles that have been launched include Dragon Up (East Side Games), Moonlighter (11 Bit Studios), Townsmen - A Kingdom Rebuilt (HandyGames), and Exploding Kittens - The Game (Exploding Kittens Digital). These four titles bring the Netflix catalog to 22 games.