Entertainment

Netflix Confirms Move Into Video Games As Its Growth Slows

Published

4 years ago

July 21, 2021

Netflix reported its worst slowdown in subscriber growth in eight years as people emerge from their pandemic cocoons. So it’s adding a new attraction to its marquee: Video games.

On Tuesday, the video streaming giant announced it will offer video games in its existing subscription plans at no extra cost, but didn’t say when that service will launch or what kind of games it will be developing.

The confirmation of the long-anticipated expansion came in conjunction with the release of Netflix’s latest earnings report.

That financial breakdown showed the video service added 1.5 million subscribers during the April-June period. That’s slightly better than the modest increase that management forecast after the service stumbled to a sluggish start during the winter months, but still far below its growth rate in recent years.

Netflix’s net gain of 5.5 million subscribers through the first six months of this year represents its weakest first-half performance since 2013 — a time when the company was still rolling out more original programming as it branched out from licensing existing TV series and movies.

Now Netflix is taking another leap by offering video games that intends to produce itself as part of what it described as a multi-year expansion.

The Los Gatos, California, company telegraphed the move last week when it disclosed the hiring of a veteran video game executive, Mike Verdu, to explore potential opportunities in another field of entertainment.

“The reason we’re doing them is to help the subscription service grow and be more important in people’s lives,” Netflix co-CEO Reed Hastings told investors during a Tuesday discussion.

Greg Peters, Netflix’s chief product officer, said the company will initially focus on mobile games before eventually expanding to consoles and TV sets as well. The games initially will be tied to Netflix’s most popular programming, Peters said, but standalone titles may be added to the, mix too. He even speculated that Netflix eventually may create a TV series or film inspired by one of its video games.

“There’s a a big, big prize here, and our job is to be really focused,” Peters said.

Despite this year’s growth slowdown, Netflix remains by far the world’s biggest streaming service in an increasingly competitive field that includes Walt Disney Co., HBO, Amazon and Apple. Netflix finished June with 209 million worldwide subscribers.

Netflix’s heft also has produced steady profits. The company earned $1.35 billion, or $2.97 per share, nearly doubling from the same time last year. Revenue rose by 19% from last year to $7.3 billion.

But the lackluster first-half numbers are a dramatic reversal from last year, when government-imposed lockdowns across the world thrust people into binge-watching frenzies while corralled at home. Already the world’s largest video streaming service when the pandemic began in March 2020, Netflix picked up 26 million subscribers during the first half of last year. .

While no one expected Netflix to sustain that breakneck pace, the drop off in subscriber growth this year has been more severe than anticipated. Netflix shares have fallen by about 10% from their peak of $593.29 six months ago. The shares edged up slightly in extended trading after Tuesday’s news came out.

Netflix management has blamed part of this year’s slowdown to pandemic-induced production delays that left its video service with fewer proven hits. The Los Gatos, California, is expecting that problem to fade during the second half of this year with new-season releases of popular series such as “Sex Education” and “The Witcher,” as well as movies starring big-name stars such as Leonardo DiCaprio and Meryl Streep.

Even so, Netflix let down investors with a forecast calling for only an additional 3.5 million subscribers during the July-September period. That was well below analyst estimates for a third-quarter gain of 5.6 million subscribers, according to FactSet Research. The “quite underwhelming” guidance raised more worries about intensifying competition in video streaming, as well as the fallout from pandemic lockdowns ending, said CFRA analyst Tuna Amobi.

The conservative outlook suggests Netflix isn’t expecting an immediate boost from its foray into a highly competitive video game field already contested by far more experienced companies such as Epic Games, Microsoft and Electronic Arts.

But if the move into video gaming pays off, it could eventually give Netflix more leverage to boost its prices. The company has already been gradually raising subscription costs in recent years, helping to boost its average monthly revenue per subscriber to $14.54 in its biggest market comprised of the U.S. and Canada. That’s a 16 % increase from $12.52 per month two years ago.

(AP)

Related Topics:California Netflix video games

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Entertainment

Top 6 Movies Produced By Late Kayode Peters

Published

2 days ago

June 29, 2025

Editor

Popular Nigerian filmmaker, Kayode Peters, has died in Canada after a prolonged illness.

Contents
1. 13 Letters (2021)
2. Crazy Grannies (2021)
3. I Am Nazzy (2022)
4. Survivors (2022)
5. Dream Job (2021)
6. Teardrops (2024)

The news of his death was announced by his family via his official Instagram page on Saturday, June 28, 2025.

Fans, actors, and colleagues in the entertainment industry are mourning the sudden loss of a man who played a vital role in shaping modern Nigerian comedy and filmmaking.

Peters first gained prominence for directing the iconic comedy TV show Papa Ajasco and Company.

He later produced the hit sitcom Flatmates, which featured major stars like Basketmouth and Okey Bakassi. These shows became household favourites across Nigeria.

Beyond television, Peters made a strong mark in Nollywood with a string of successful films.

Below are six of his most notable movie produced by Kayode Peters:

1. 13 Letters (2021)

Directed by Peters and released on GidiBoxOffice, 13 Letters starred Kunle Remi, Bimbo Ademoye, and Teddy A.

The film explored the emotional fallout of social media call-outs from ex-lovers. Its relatable storyline and emotional depth made it a viral hit.

2. Crazy Grannies (2021)

Co-directed with Tope Alake, this comedy follows three grandmothers who break free from societal expectations in search of fun and freedom.

Featuring Shaffy Bello and Ngozi Nwosu, the film delighted audiences with its humour and vibrant energy.

3. I Am Nazzy (2022)

Starring Nancy Isime and Jidekene Achufusi, I Am Nazzy is a body-swap comedy that examines identity and fame. The film was praised for its refreshing storyline and comedic timing.

4. Survivors (2022)

This comedy-thriller features popular skit makers Mr. Macaroni, Broda Shaggi, and MC Lively. It tells the story of two unemployed friends who unwittingly get involved in a kidnapping plot, leading to a series of chaotic events.

5. Dream Job (2021)

A motivational drama that explores themes of ambition, disappointment, and second chances. Dream Job resonated with young Nigerians striving to achieve their dreams in the face of adversity.

6. Teardrops (2024)

A deeply emotional family drama centered on love, loss, and resilience. Teardrops is regarded as one of Peters’ most heartfelt and mature works.

In addition to the movies produced by Kayode Peters and his achievements in film and television, he also gained recognition for his stage plays and short films, including Doll House, Dead Rite, and Road to Friendship, which were featured at various film festivals.

One of his earliest contributions to the industry was Crossworld Blues, the first comedy series to air on DBN TV. Its success made Peters one of the pioneering figures in Nigerian television comedy.
(TRIBUNE)

Entertainment

What To Know About Late Nigerian Movie Producer, Kayode Peters

Published

2 days ago

June 29, 2025

Editor

Popular Nigerian filmmaker, Kayode Peters, has died in Canada. The news of his death was shared via his official Instagram page on Saturday, June 28, 2025.

Fans, actors, and colleagues in the entertainment industry are mourning the sudden loss of the man who have contributed to shaping modern Nigerian comedy and filmmaking.

Here are things to know about late Kayode Peters:

Kayode Tunde Peters was born on September 25, 1975, in Ibadan, Oyo State, Nigeria.

Peters studied English Language at the University of Lagos, Akoka, where he obtained his first degree. His education and early involvement in theatre at the university played a major role in shaping his storytelling career.

The late movie producer was of Yoruba descent and proudly Nigerian. He practised Christianity throughout his life.

Kayode Peters was married to popular Nigerian model, actress, and dancer, Tayo Sobola. The couple kept their personal life mostly private, choosing to focus on their careers.

The deceased first became well-known for directing the comedy TV show Papa Ajasco and Company. He later produced the hit sitcom Flatmates, which starred big names like Basketmouth and Okey Bakassi. These shows became favourites in many homes across Nigeria.

In 2021, Peters directed the movie 13 Letters, which streamed on Netflix. The film starred Kunle Remi, Bimbo Ademoye, and Teddy A.

Peters also played a big role in training and supporting young actors. Many new stars got their first big breakthrough through him.

One of his earliest works was Crossworld Blues, the first comedy series aired on DBN TV. It was a big success and made him one of the first names in Nigerian TV comedy.

Peters also worked on stage plays and documentaries. His stories often showed everyday Nigerian life, culture, and humor.

He was known for making people laugh while also sending strong messages through his work.

Entertainment

Nigerian Filmmaker Dies In Canada

Published

3 days ago

June 28, 2025

Editor

Renowned Nigerian filmmaker, director, and actor Kayode Peters has died. He passed away in Toronto, Canada, on the morning of Saturday, June 28, 2025, after a prolonged illness.

The announcement was made by his family through a statement posted on his official Instagram page.

“It is with profound sadness that we announce the passing of our beloved, Kayode Peters Adewumi, who passed on peacefully this morning June 28, 2025 in Toronto, Canada,” the statement reads.

View this post on Instagram
A post shared by Kayode Peters. (@kayodepeters1)

“KP braved, challenged and conquered a long time illness until his last breath this morning.

“KP, a cherished son, husband, father, brother, and friend, a gifted film maker, actor and producer whose work inspired many. Beyond his talent, it was his kindness, warmth, and generous spirit that truly defined him.

“He touched countless lives, both on and off the screen, and will be deeply missed.

“As we grieve this painful loss, we kindly ask for kindness and privacy while we take time to make arrangements for his funeral and to heal. Further details will be shared in due course.

“Thank you for your love, condolences, and continued support. — The Adewumi Family.”

Peters earned acclaim for his direction and production of stage plays and sitcoms. He rose to prominence in the early 2000s as the creator of the popular comedy series Flatmates. His contributions to projects like Extended Family further cemented his place as a leading figure in Nigeria’s modern theatre and television scene.