Netflix raises profits by 83% and exceeds subscriber forecasts after the success of ‘The Squid Game’

The production and distribution company of audiovisual content in streaming Netflix recorded profits of 1,449 million dollars (1,245.9 million euros) in the third quarter of 2021, while it has beaten its forecasts of new subscribers after the premiere during the quarter of the Korean series ‘The Squid Game’, which has already become the most successful series in its history, as reported by the company.

Between July and September, Netflix added 4.38 million subscribers, compared to the 3.5 million it had estimated it would achieve. In this way, the total number of subscribers of the company has reached 213.56 million, 9.4 percent more than a year ago.

Most of these new subscribers came from its international markets. In the United States and Canada, they added 73,000 new subscribers, for a total of 74.02 million; while in Europe, the Middle East and Africa 1.8 million people joined Netflix, reaching 70.5 million subscribers.

In Latin American countries, the firm registered 38.98 million subscribers, which represents 330,000 new additions in the quarter, while in Asia-Pacific it registered 2.18 million new payment users, reaching 30.05 million .

Revenues obtained in the third quarter were 7,483.5 million dollars (6,434.7 million euros), 16.3 percent more than in the same period.

On the other hand, costs associated with revenues grew 8.7 percent, to 4,206.6 million dollars (3,617.1 million euros), while spending on marketing was 635.9 million (546, 8 million euros), 20.5 percent, and the technology and development item experienced an increase of 24.3 percent, to 563.9 million (484.9 million euros). General and administrative costs stood at 321.8 million (276.7 million euros), 18.5 percent more.

In the whole of the first nine months of 2021, Netflix’s net profit was 4,508.8 million (3,874.3 million euros), more than double than in the same period last year, after registering an increase of 19 , 8 percent in revenue, up to 21,988.5 million (18,906.6 million euros).

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