Netflix (NASDAQ:NFLX) constantly adds new games to its library to increase user participation. Netflix Heads Up is a new game that the streaming giant unveiled with Ellen Digital Ventures.
The Heads Up game is based on the hit mobile app of the same name. There are 28 different decks to choose from, each based on a different show from Netflix’s catalog (such as Bridgerton, Stranger Things, or Squid Game).
Players on Android and iOS devices will enjoy charades in as many as 15 other languages, including French, German, Italian, Japanese, Korean, Portuguese (Brazil), and Thai, all thanks to Netflix.
As competition in the streaming space increases, Netflix (NASDAQ:NFLX) is increasing its focus on video games to increase user engagement. Disney (DIS), Apple (AAPL), and Comcast (CMCSA) are all companies that offer streaming video services that compete directly with Netflix.
By the end of the year, Netflix (NASDAQ:NFLX) hopes to have 30 new video games available for streaming. The Cuphead Show, DOTA: Dragon’s Blood, Castlevania, and The Witcher are just a few of the many game-inspired series currently available on Netflix.
With an eye on extending its presence in the gaming market, Netflix has also been pursuing acquisitions. Several firms have been purchased since the business launched its gaming strategy in November 2021, including Next Games of Finland, Boss Fight Entertainment of Texas, and Night School Studio, creators of the supernatural mystery adventure Oxenfree.
Netflix Struggling Amid Tough Rivalry
The stock price has fallen 62.7% this year, far more than the 31% drop in the Zacks Consumer Discretionary industry.
Streaming services including Apple TV+, Amazon Prime Video, HBO Max, Disney+, Peacock, Paramount+, and TikTok give Netflix a run for its money. Moreover, the conflict between Russia and Ukraine, a sluggish economy, multi-decade high inflation, and account sharing are all projected to hurt profits.
It’s good news for Netflix (NASDAQ:NFLX) as its loss of 0.97 million paid subscribers worldwide in the second quarter of 2022 was less than the two million it had predicted. In the same period last year, Netflix gained 1.54 million paying customers. The company forecasts a million new paying subscribers in Q3 2022.
In June, Netflix (NASDAQ:NFLX) announced its plans to introduce an ad-supported tier to save costs and attract new users. Part of the company’s strategy to appeal to budget-conscious users is the introduction of a new tier of service that will cost less than the current ad-free option.
The streaming service is now mimicking its competitor, Disney’s Disney+. Disney+ said in May that preschoolers using their profiles to view the ad-supported Disney+ tier will not be subjected to advertisements.
Disney’s success stems from the fact that Disney+ is a great value and has a diverse and high-quality library of original programming.
Disney is likewise actively pursuing growth in overseas areas. Paid Disney+ customers increased to 152.1 million on July 2, 2022, from 116 million on July 3, 2021.
Peacock, Comcast’s streaming service, has a lot of original content and is set up for success. Sky’s popularity and size will be used by Comcast to help grow Peacock in new markets.
With 20 Emmy Awards nominations for Ted Lasso Season 2 and three Academy Award wins for CODA, Apple’s streaming service, Apple TV+, is earning acclaim. It’s anticipated that this will increase interest in Apple TV+.
However, due to its extensive investments in creating and disseminating localized, foreign-language content, NFLX is anticipated to maintain its status as the industry leader in the streaming video format.
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