As Netflix stock plummets, Streamer invests in games – report

A man holds a game controller in front of the TV while Netflix is ​​downloading.

A photo: NurPhoto (Getty Images)

Netflix built its foundation on orderly DVD rentals and eventually cool “prestige” shows that people talk about for a week before forgetting they ever even existed. Now, in a rare financial slump, Netflix plans to play hard at gamesaccording to a new report in Washington Post.

Earlier this week, Netflix said it had lost 200,000 subscribers in the first three months of the year. The news, along with a projected further loss of 2 million subscribers, sent the company’s stock down a staggering 35 percent, the company’s biggest drop in nearly 20 years. in accordance with bloomberg.

Messagewho spoke to “a source familiar with the mindset of the company,” reports that Netflix plans to release 50 games available until the end of the year. Among the Harvest is a mobile game based on exploding kittens, a popular, if somewhat sadistic, card game about exploding kittens that may or may not include alcohol depending on who you’re playing with. Netflix also produces the show.

Typically, Netflix’s foray into video games involves licensing intellectual property or adapting hugely popular games to moderate success. Mysticalanimated series based on League of Legends, got an absolute stormy start. (A second season is planned but doesn’t have a release window.) It’s awesome Castlevania the series recently completed a successful four-season run with continuation of the series on the way. And, of course, there is the cultural behemoth who Witcher. Two seasons of live performances and cartoon plus another live action movie on the way, it shows no signs of slowing down. Dota: Dragon’s Blood also exists.

Netflix has also followed in the footsteps of the biggest trend in the video game industry – wholesale acquisitions of small companies – and began buying up game development studios. The most notable of these by far is Oxenfree developer night school studio, which Netflix acquired last September. Next studio game, Oxenfree II: Lost Signalsscheduled to release sometime this year for Switch, PlayStation, and PC.

Clearly, the streaming giant’s plans to seriously promote games were set in motion long before the loss figures were released this week. And the decline in subscriber numbers can be attributed to a number of factors, including the still-ongoing pandemic and the proliferation of competing streaming services like HBO Max and Paramount+ (the only network ready to show your ass master chief). But the message here is clear: There’s a hell of a lot of money in games, and the non-gaming tech giants are starting to figure it out.

Netflix representatives did not immediately respond to a request for comment from Kotaku.

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