Netflix’s share value fell as much as 70% after more users dropped their subscriptions in the past quarter. While this was to be expected but the post-Covid-19 world impact on the company resulted in hundreds of employees losing their jobs and large projects being canceled. Yet Netflix now has plans to turn the company’s profits back with the focus now being given to customers in Asia according to Bloomberg.
Unlike in North America, Latin America, the Middle East, and Europe, Asia Pacific is the only Netflix market to show an increase in new subscribers. This is helped by the lack of competitors in the streaming sector as well as Netflix which is increasing its supply of content from Asia especially the hugely popular South Korea.
As spending on publishing in other markets is reduced, investment in TV series and film production for Asia will increase according to Tony Zameczkowski, APAC Netflix vice president of business development in an interview. Asia Pacific currently accounts for 15% of Netflix’s paid subscribers and 79% of Netflix’s 6.8 million new subscribers over 2022 is projected to be from this market.
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