"These are pretty small numbers, and in terms of what that looks like on the impact to the balance sheet, it's basically a rounding error," Lumley said. This implies that fewer than 1% of the company's subscriber base of about 221 million have tried the offered games. According to data by app analytics company Apptopia, Netflix's games have been downloaded 30 million times globally. However, the company has a long way to go to make its current offering stand out. "Offering a growing library of games may keep some subscribers interested enough to renew their subscriptions, but may not necessarily draw new ones in," said Lumley. In the long run, gaming is an area that would aid Netflix more in subscriber retention, said Jamie Lumley, sector analyst at market research firm Third Bridge. "One of the levers Netflix could pull to maintain the value of the higher-priced tiers is to provide games at no additional cost, but charge extra for the less expensive tiers." "Advertising dollars are by no means guaranteed in every country Netflix is available in, so they need more ways to stand out from the competition and maintain growth in the process," Goodman said.
While this initiative may result in subscriber growth in the short term, it will not be viable in every market, according to Goodman. Netflix is looking to reenergize growth by launching ad-supported tiers to its platform in early 2023. 31, 2021, compared to the closing price of $239.71 on Sept. The company's stock closed at $602.44 on Dec. Netflix's shares plunge 60% in 2022 on subscriber losses, making it one of the worst performers in the tech-heavy Nasdaq index. "Netflix is in dire need of a new strategy to recoup its losses as increasing pricing is not a viable strategy anymore, given that they are already at the top end of what most consumers are willing to pay," Goodman said. After experiencing its first subscriber decline in more than a decade in the first quarter, the company lost about a million additional subscribers in the following quarter. Netflix's deepening foray into gaming comes as the company's core video streaming business faces a particularly rough year. "While Netflix's executives have been very vocal about being invested in gaming, I'm pretty skeptical about the company's potential success, seeing as how this is a very crowded marketplace that has been very brutal to newcomers," said Michael Goodman, director of media strategies at Strategy Analytics.
While Netflix's piecemeal approach to expanding its presence in the gaming industry could prove to be more successful than other Big Tech firms' approach to the market, analysts caution that the endeavor could still prove to be an uphill battle. The catalog currently includes 32 titles and is set to grow to 50 games by the end of the year.
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The company is building its first internal video game studio in Helsinki to develop games for its nascent offering, which allows subscribers to download and play games on mobile phones. is accelerating its push into video games amid mounting pressure to alleviate subscriber losses.
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