Netflix Inc. (NASDAQ:NFLX) inches up in pre session on Monday as the firm continues to extend its gaming portfolio in order to increase audience interaction Lucky Luna was just unveiled by the streaming giant, which also revealed numerous future titles, including IMMORTALITY, Wild Things: Animal Adventures, Rival Pirates, and others.
Netflix’s continued push into video games attempts to increase viewer engagement with the platform in the face of increased streaming competition. Netflix faces stiff competition from companies such as Disney (NYSE:DIS), Apple (NASDAQ:AAPL), and Comcast (NASDAQ:CMCSA).
By the end of this year, the business intends to distribute 30 new game titles on its platform. There are already various series on Netflix based on video games, including The Witcher, Arcane, The Cuphead Show, DOTA: Dragon’s Blood, and Castlevania.
To grow its presence in the gaming business, Netflix has also made acquisitions. Since beginning the gaming project in November 2021, the firm has bought many studios, including Next Games from Finland, Boss Fight Entertainment from Texas, and Night School Studio, best known for its spooky mystery adventure Oxenfree.
In the streaming sector, Netlfix has heavy competition from Apple TV+, Amazon Prime Video, HBO Max, Disney+, Peacock, Paramount+, and TikTok. Furthermore, the negative impact of account sharing, a poor economy, multi-decade-high inflation, and the Russia-Ukraine conflict are projected to erode profitability.
Netflix lost 0.97 million paying customers globally in the second quarter of 2022, falling short of its expectation of 2 million users. In the previous quarter, it attracted 1.54 million paying customers. Netflix anticipates gaining 1 million paying customers in the third quarter of 2022.
Netflix revealed in June that it plans to establish an ad-supported tier in order to cut losses and attract more users to the site. The new tier will be less expensive than the present ad-free subscription and is part of a strategy to make Netflix more appealing to budget-conscious customers.
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