Netflix's latest financial results were light on details regarding the performance or future of its mobile games initiative, but the firm managed to hold off an anticipated loss of two million subscribers.
The report outlines revenue of $7.9 billion, representing a nine per cent year-on-year growth in Q2 2022 year-on-year, while its operating margin stands at 19.8 per cent – a decline of 25.2 per cent compared to the same period last year.
However, the streaming giant has faced significant criticism in recent months, resulting in the loss of 970,000 subscriptions. However, company executives initially forecast a loss of two million subscribers for the quarter.
The report was bullish on the launch of Netflix Games in November 2021, with a current total of 24 mobile titles available as of July 2022, although is light on any specifics.
The report notes that "millions of subscribers" have played games through the service, and is gaining valuable insight into which games appeal to different demographics, and will adapt its ongoing licensing and partner-based development strategies accordingly.
The report also makes brief comments regarding the acquisitions of Night School Studios, Boss Fight Studios, and Next Games, stating that this offers “a range of expertise in multiple geographies to accelerate the buildout of [its] internal development capacity", but stops short of declaring intentions to follow up with further acquisitions or outline any future partners.
Over the 2021-2022 TV season, viewers watched a combined 1,334 billion minutes of Netflix content in the US – almost matching the combined total of the top two broadcast networks in the US: CBS (753 billion) and NBC (597 billion).
Last week, we reported that Netflix has partnered with Microsoft for its ad-supported subscription tier.