With the lifting of pandemic restrictions and the growing competition, Netflix, which streams movies and TV shows, said it would make a deeper dive into video games.
After a huge boom in 2020 fuelled by stay-at-home orders to counter the Covid-19 pandemic, Netflix is experiencing a sharp slowdown in new customers.
Netflix lost 430,000 subscribers in the US and Canada in the second quarter – its third decline in a decade.
In an interview, the streaming pioneer said it is just starting to expand its video game offerings, which will be free for subscribers.
Greg Peters, chief operating officer and chief product officer of Netflix, said the multi-year project would start “relatively small” with games tied to Netflix hits.
According to Peters, fans of those stories are eager to go deeper and engage further. Video games have been linked to Netflix shows like Stranger Things and The Dark Crystal.
In spite of rapid expansion, analysts say streaming video company Netflix needs to figure out how to jumpstart subscriptions.
It is expected that Netflix’s share of US subscription video revenue will decline from nearly 50% to 30.8% by the end of 2021, according to eMarketer.
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