Netflix estimates that its latest series, “Squid Game", will create about $900 million in value for the company, according to figures seen by Bloomberg, underscoring the windfall that one mega-hit can generate in the streaming era.
Netflix differs from movie studios and TV networks in that does not generate sales based on specific titles, instead using its catalogue and a steady drumbeat of new releases to entice customers every week.
But the company does have a wealth of data concerning what its customers watch, which the company uses to determine the value derived from individual programmes.
“Squid Game” stands out both for its popularity and its relatively low cost. The South Korean show, about indebted people in a deadly contest for a cash prize, generated $891.1m in impact value, a metric the company uses to assess the performance from individual shows.
The show cost $21.4m to produce – about $2.4m an episode. Those figures are only for the first season and stem from a document that details Netflix’s performance metrics for the show.
The document underscores how successful this one show has been for Netflix, and offers the clearest picture yet as to how the world’s most popular online TV network judges the success of its programming.
Netflix has released self-selected viewership metrics for a handful of TV shows and movies, but it does not share its more detailed metrics with the press, investors or even the programmes’ own creators.
Guessing the popularity of a given show has become something of a parlour game in Hollywood, even as Netflix has begun to release data in dribs and drabs.
A lawyer representing Netflix said in a letter to Bloomberg that it would be inappropriate for Bloomberg to disclose the confidential data contained in the documents that Bloomberg had reviewed.
“Netflix does not discuss these metrics outside the company and takes significant steps to protect them from disclosure,” the lawyer said.
Some of the figures are self-explanatory and mirror data that Netflix and other services already report. About 132 million people have watched at least two minutes of “Squid Game” in the show’s first 23 days, smashing the Netflix record set by “Bridgerton”.
The two-minute figure is the one Netflix releases to the public for some shows. The company said 111 million people had started the show earlier this month, but that was based on data that is a bit older.
While Netflix has disclosed the number of people who start a show, it has yet to disclose how many people stick around to watch more of the show (stickiness) or how many people finish the series (completion rate).
Linear TV networks report the average number of people who watch a programme for its duration, which makes the Netflix two-minute numbers look inflated by comparison.
In the case of “Squid Game,” Netflix estimates that 89 per cent of people who started the show watched at least 75 minutes (more than one episode) and 66 per cent of viewers, or 87 million people, have finished the series in the first 23 days.
All told, people have spent more than 1.4 billion hours watching the show, which was produced by closely held Siren Pictures.
The viewership details are expected to excite investors, who have regained enthusiasm for Netflix after several bumpy months, partly because “Squid Game” has been so popular.
The company reported its slowest pace of subscriber additions since 2013 in the first half of the year and blamed the paucity of new hit shows for some of its struggles.
It also blamed the coronavirus for slowing TV and movie production. Its stock has declined for much of the year and trailed the market.
However, shares in the company have climbed about 7 per cent since the release of “Squid Game” on September 17, valuing the company at $278.1 billion. Even investors critical of the company expect it will either lift its performance in the third quarter or its forecast for the fourth quarter – if not both.
“We think Netflix has found a sound and profitable strategy with its content internationalisation efforts, with ‘Squid Game’ a perfect example,” Michael Pachter, an analyst with Wedbush Securities, wrote in an October 14 note.
Mr Pachter has been Netflix’s loudest sceptic among Wall Street analysts. “This and its ‘Seinfeld’ launch in the fourth quarter should provide a solid cushion."
We think Netflix has found a sound and profitable strategy with its content internationalisation efforts
Michael Pachter,
Wedbush Securities
Some of the metrics seen by Bloomberg are more idiosyncratic and it is impossible to glean from the document what data Netflix uses to calculate each formula.
“Squid Game” scored 353 points in adjusted view share, or AVS, which reflects not just how many people watched it but how valuable those viewers are considered. (An AVS of more than 9 or 10 is already considered high.)
Viewers who are new customers or use Netflix less often are viewed as more valuable because that suggests those shows are a reason they have not cancelled.
AVS is where Netflix’s evaluation of a show begins, according to current and former employees, and the impact value figure is an estimate of a show’s lifetime AVS.
Results
Stage seven
1. Tadej Pogacar (SLO) UAE Team Emirates, in 3:20:24
2. Adam Yates (GBR) Ineos Grenadiers, at 1s
3. Pello Bilbao (ESP) Bahrain-Victorious, at 5s
General Classification
1. Tadej Pogacar (SLO) UAE Team Emirates, in 25:38:16
2. Adam Yates (GBR) Ineos Grenadiers, at 22s
3. Pello Bilbao (ESP) Bahrain-Victorious, at 48s
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
FIGHT CARD
Bantamweight Hamza Bougamza (MAR) v Jalal Al Daaja (JOR)
Catchweight 67kg Mohamed El Mesbahi (MAR) v Fouad Mesdari (ALG)
Lighweight Abdullah Mohammed Ali (UAE) v Abdelhak Amhidra (MAR)
Catchweight 73kg Mostafa Ibrahim Radi (PAL) v Yazid Chouchane (ALG)
Middleweight Yousri Belgaroui (TUN) v Badreddine Diani (MAR)
Catchweight 78kg Rashed Dawood (UAE) v Adnan Bushashy (ALG)
Middleweight Sallaheddine Dekhissi (MAR) v Abdel Emam (EGY)
Catchweight 65kg Rachid Hazoume (MAR) v Yanis Ghemmouri (ALG)
Lighweight Mohammed Yahya (UAE) v Azouz Anwar (EGY)
Catchweight 79kg Omar Hussein (PAL) v Souhil Tahiri (ALG)
Middleweight Tarek Suleiman (SYR) v Laid Zerhouni (ALG)
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
MATCH INFO
Uefa Champions League, Group C
Liverpool v Red Star Belgrade
Anfield, Liverpool
Wednesday, 11pm (UAE)
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Brave CF 27 fight card
Welterweight:
Abdoul Abdouraguimov (champion, FRA) v Jarrah Al Selawe (JOR)
Lightweight:
Anas Siraj Mounir (TUN) v Alex Martinez (CAN)
Welterweight:
Mzwandile Hlongwa (RSA) v Khamzat Chimaev (SWE)
Middleweight:
Tarek Suleiman (SYR) v Rustam Chsiev (RUS)
Mohammad Fakhreddine (LEB) v Christofer Silva (BRA)
Super lightweight:
Alex Nacfur (BRA) v Dwight Brooks (USA)
Bantamweight:
Jalal Al Daaja (JOR) v Tariq Ismail (CAN)
Chris Corton (PHI) v Zia Mashwani (PAK)
Featherweight:
Sulaiman (KUW) v Abdullatip (RUS)
Super lightweight:
Flavio Serafin (BRA) v Mohammad Al Katib (JOR)
Meydan race card
6.30pm: Maiden; Dh165,000; (Dirt) 1,200m
7.05pm: Handicap; Dh170,000; (D) 1,200m
7.40pm: Maiden; Dh165,000; (D) 1,900m
8.15pm: Handicap; Dh185,000; (D) 2,000m
8.50pm: Handicap; Dh185,000; (D) 1,600m
9.25pm: Handicap; Dh165,000; (D) 2,000m
UAE currency: the story behind the money in your pockets
Company profile
Date started: Founded in May 2017 and operational since April 2018
Founders: co-founder and chief executive, Doaa Aref; Dr Rasha Rady, co-founder and chief operating officer.
Based: Cairo, Egypt
Sector: Health-tech
Size: 22 employees
Funding: Seed funding
Investors: Flat6labs, 500 Falcons, three angel investors
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
