Netflix, Inc. (NASDAQ: NFLX) is scheduled to kickstart the digital media earnings with its third-quarter report on Tuesday. Expectations for the quarter are running high, as the company’s back-half content slate drove strong viewership and interest.
Even as the Street debates whether the streaming giant can sustain the buoyant viewership built on the back of the huge popularity of the Korean drama “Squid Game” that began airing on Sept. 17, it appears that another K-drama is beginning to make waves.
What Happened: A new series streamed by Netflix “My Name” has risen to the fourth position in the list of top TV shows on Netflix as of Monday, streaming analytics platform FlixPatrol said. Squid Game continued to rule the roost, while U.S. series “You” and “Maid” took the second and third spots, respectively.
“My Name,” which began streaming Friday, topped the daily streaming chart in Korea on the day of the release, and placed second in five other countries, namely Malaysia, Thailand, Indonesia, Vietnam and the Philippines, the Korea Times reported.
The series is a woman-centric crime thriller directed by Kim Jin-min.
Why It’s Important: After the “Squid Game”-induced pop, Netflix’s net subscriber adds are expected to normalize in 2022, according to Rosenblatt Securities analyst Mark Zgutowicz.
The company is likely to meet the second-half net add expectations of 12 million to 13 million, propped up by a “Squid Game” global viewership tailwind of over 115 million-plus since its release, the analyst said. The analyst, however, views the second-half momentum as transitory.
“We expect sub cyclicality to return in CY22E –which we got a taste of in 1H21– with stronger SVOD slates and simply a higher bar for Netflix relative to 2H21,” Zgutowicz said.
At last check, Netflix shares were trading 1.08% higher at $635.06.
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