Netflix Is Winning Streaming’s Own ‘Squid Game’
The service is outplaying its rivals in the contest of who can keep the most subscribers from canceling.
The toughest opponent is boredom.
Photographer: Gabby Jones/Bloomberg
Television fans have been willing to give just about every new streaming-TV service a shot. But “Squid Game” shows how Netflix Inc. has uniquely mastered the art of keeping its subscribers.
Netflix surpassed expectations Tuesday when it reported 4.38 million net new members for the third quarter, with a big boost coming from the Asia-Pacific region as the U.S. and Canada returned to growth. But even those results don’t fully reflect the “Squid Game” phenomenon of the last few weeks, which demonstrates perfectly how Netflix has turned serendipity into a dependable business strategy. It contrasts with the industry’s risk-averse fixation on familiar franchises and old reliables.