• Netflix yesterday said that its Q3 revenue grew 5.9 percent to $7.93 billion, while net profit fell 3.5 percent to $1.4 billion; its operating margin in the period dropped to 19.3 percent from 23.5 percent during the same period a year earlier.
But … perhaps most importantly, Netflix added 2.4 million new subscribers during the period, more than twice as many as anticipated, reversing a trend over the previous two quarters that showed a shrinking subscriber base.
The shift comes as Netflix is about to launch a new, lower priced tier that will allow subscribers to access much of its content but will featuring advertising content.
• The Hollywood Reporter writes that Netflix is getting into the bricks-and-mortar retail business.
"The streaming giant says that it will be opening an 'immersive retail experience' at the shopping and entertainment complex called 'Netflix at The Grove' featuring products from its original shows and experiential elements … Programs like Squid Game, Stranger Things, Bridgerton, Cocomelon and Ada Twist, Scientist will be represented in the shop, which will sell apparel, books, collectibles like Funko figures and other products … The Netflix-branded store in Los Angeles marks the latest effort by the streaming company to explore shopping and immersive experiences. The company previously launched a Stranger Things experience and pop-up store, as well as a Bridgerton experience called The Bridgerton Ball."
