The series Suits took the streaming platform Netflix to the top during the third quarter of the year, accumulating 247 million subscribers worldwide and increasing its revenue by $8.54 billion. According to its quarterly report, Suits became the most watched title in both movies, original television and streaming acquired television in the United States for 12 weeks starting at the end of June.
This drama originally premiered on USA Network in 2011 and aired until 2019, and despite having been available on other streaming services, the debut of seasons one through eight on Netflix in July broke viewing records.
“As the competitive environment evolves, we may have greater opportunities to license more successful titles,” Netflix said in its quarterly letter to shareholders, adding that Suits generated one billion hours of viewing on Netflix globally.
The company posted earnings of $3.73 per share, above Wall Street expectations of $3.49.
Netflix’s fourth-quarter revenue forecast of $8.69 billion was slightly below analysts’ estimates of $8.77 billion.
Another content that boosted the number of Netflix subscribers was the One Piece series, based on the best-selling manga series.
“Our live-action adaptation generated critical acclaim and conversation on social media, particularly on TikTok, and massive viewing of 62 million views worldwide and propelled the series to the number one spot in Netflix’s Global Top 10 for three weeks in a row,” the platform indicated.
The company detailed that translating anime into live action is difficult, and most adaptations fail to excite fans or reach new audiences, however, “our team successfully achieved both thanks to a deep partnership between our US creative executives and their counterparts in APAC.”
CAUTION WITH STRIKES
The writer and actor strikes prompted Netflix to revise its content spending projections to $13 billion through 2023, assuming studios reach a deal with striking actors “in the near future.”
“We are committed to resolving the outstanding issues as soon as possible so that everyone can get back to work making popular films and television series,” he added.
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Despite the strikes, Netflix showed resilience by gaining more quarterly subscribers than in the past three years, unlike media rivals such as Walt Disney, Paramount Global and Warne Bros Discovery.
“Thanks to our reach, recommendations and our audience, the biggest local language titles also find audiences in many other countries,” Netflix added.
2023-10-21 08:00:00
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