The video game industry is worth a lot. Case in point, experts estimate that the video game market generated $180.3 billion in global revenue last year. In comparison, streaming services enjoyed roughly around $78.5 billion in revenue in the same period, which means that gamers spent at least twice more than the people who watched Netflix and Disney+, among others.
Having said that, venturing into gaming is not as easy. The pie might be bigger, but there's far more competition in the gaming industry than in streaming. For some reason, Netflix thinks that it can get its fair share of the said pie.
According to The Washington Post, Netflix is doubling down on its gaming commitment now that it finds itself in the worst place possible for any public company - financial stagnation.
After more than ten years of net positive subscriber numbers, Netflix lost subscribers for the first time, and this is far from the worst part. Netflix also confirmed that it will lose at least 2 more million subscribers in the next quarter, which saw the streaming platform's market valuation plummet by 35%. This was easily one of the company's biggest losses in its entire history, prompting discussions about what Netflix should do to prevent another freefall.
