Streaming giant is betting on Netflix Games as stock plummets

Instead of addressing the main issue that led to the recent massive subscriber count drop, management is turning its attention towards Netflix Games.

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.

Streaming Giant Betting Netflix Games Stock Plummets
Making video games is a lucrative business. It's also very costly.

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.

You'd think that being humbled will force Netflix to reconsider its prematurely canceled projects. Instead, it appears that the streaming giant believes that it's better off spending time spazzing up its gaming outfit.

The same report claims that a trusted source confirmed that Netflix will release fifty more games before the year ends, which includes a mobile game based on the popular past-time during drinking sessions, Exploding Kittens.

Streaming Giant Betting Netflix Games Stock Plummets
Netflix's gaming platform continues to be a mystery months after its public release.

Netflix is home to plenty of shows based on video games such as Arcane, Castlevania, The Witcher, and Dota: Dragon's Blood.

However, the video game market is an entirely different beast, one that Netflix might find surprisingly hard to tame. For what it's worth, Netflix is making the right small but sound investments. Netflix acquired Night School Studios, the makers of Oxenfree, last September. Given this recent piece of information, we wouldn't be surprised if Netflix snatches up even more small-time development studios to help liven up its offerings.

It will be interesting to see how Netflix's gaming venture will fare. For now, we'll just have to wait for more official Netflix news.

Ray Ampoloquio
Ray is a lifelong gamer with a nose for keeping up with the latest news in and out of the gaming industry. When he's not reading, writing, editing, and playing video games, he builds and repairs computers in his spare time. You can find Ray on Twitter.
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