Popular video streaming platform Netflix, which made a foray into the gaming business, is building an in-house game studio in Helsinki, Finland. In a statement, Netflix said that this is another step in its vision to build a world-class game studio that will bring a variety of delightful and deeply engaging original games with no ads and no in-app purchases to millions of its members around the world.
According to Netflix, Helsinki was chosen as the base for the studio because it is home to some of the best game talent in the world. This includes The Walking Dead mobile developer Next Games, which Netflix bought earlier in 2022. According to a report published in August 2022, less than 1% of its subscribers are playing its games. As a result, the company is exploring other sources of revenue and content, including video games, to attract and retain even greater number of users.
In April 2022, Netflix reported a quarterly loss of subscribers for the first time since 2011. Its share price fell significantly after the announcement of a reduction of 200,000 subscriptions. According to Netflix, the consolidated revenue for the year ended December 31, 2021, increased 19% over revenue for FY2020 due to an 11% growth in average paying memberships and a 7% increase in average monthly revenue per paying membership. The increase in average monthly revenue per paying membership resulted from the company’s price changes and favorable fluctuations in foreign exchange rates.
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