Netflix has launched its quarterly earnings report by announcing the ongoing success of the Squid Game. In a revelation move, Netflix has announced a change in its view measures, and how they share title viewer information.
In Streamer’s third quarter letter to shareholders, Netflix says it will report total hours within 28 days of release in the future, rather than the two-minute “view” metric it has used in recent years. “We believe engagement measured after hours is a slightly better indicator of the overall success of our titles and member satisfaction,” the shareholder letter reads. “It also fits in with how outdoor services measure television viewing and gives real credit to new viewers.”
Netflix also says it is releasing “more regular” hourly watch numbers “so our members and industry can better measure success in the streaming world.”
The change in face metrics that the company publicly shares is the second in many years for Netflix. The company switched to the two-minute standard with the fourth quarter of 2019; before that, it counted every member account that completed 70 percent of a movie or 70 percent of a single TV series episode as a view.
The button comes on the heels of a Bloomberg report last week that contains more detailed views and financial data than Netflix normally shares for individual titles. Internal documents cited in the story say Squid Games would create nearly $ 900 million in value for the company despite producing only $ 21.4 million, and that two-thirds of Netflix users who started the series would finish it within 23 days.
As for Squid Games, Netflix says the series has garnered 142 million views over its first 28 days of release, destroying all previous recordings on Streamer. The previous highlight for each title was 99 million views for the Chris Hemsworth action film Extraction; among series, it was 82 million for Bridgerton. The 142 million figure represents two-thirds of the 213.56 million worldwide subscribers that Netflix reported in its revenue.