Posted in: Netflix, Opinion, streaming, TV, TV | Tagged: binge, binging, netflix, opinion, streaming

Netflix Intervention Time: To Binge or Not To Binge? Why Not Both?

After a summer that saw Wall Street and the media smack it around for some pretty rough earnings numbers, Netflix had a lot to brag about this week. After the previous two quarters saw subscriber losses, the streamer reported global subscriber levels of 223.09M at the end of the most recent quarter (up from 220.67M in the previous quarter). In addition, reported revenue of $7.93B and earnings per share of $3.10 exceeded Wall Street expectations of $7.84 billion in revenue and earnings per share of $2.19. And it looks like we have to stop those jokes about Netflix living a life of debt. At this time last year, the streaming service had a free cash flow of -$106M. A year later, Netflix reports a free cash flow level of $472M. By the end of the year, the streamer expects to have that number above $1B, with expectations for "substantial" free cash flow in 2023. And that's before the impact of the steamer's new ad-supported subscriber plan (kicking in next month). And yet, with all of the changes that Netflix has made, there's still one area they say they're not budging on. Yup… binge-dropping full seasons/series.

"We think our bingeable release model helps drive substantial engagement, especially for newer titles. This enables viewers to lose themselves in stories they love," the streamer wrote in an earnings letter this week when Q3 numbers were reported. Okay, so that's it, then. Netflix is all-in on binging. Well, except when it isn't. Because if you're a view of Stranger Things, Ozark, Money Heist, Lucifer, and Manifest, then you know firsthand that the streamer is willing to be flexible. In fact, look no further than next week's eight-episode Guillermo del Toro's Cabinet of Curiosities, which will stream two new episodes per night over four nights. And on the reality side, we have The Circle and Love Is Blind as just two examples of how Netflix is willing to buck its own belief. So why won't Netflix just take the next logical step since it's already come this far?

No one is saying get rid of binge releases entirely, but shows like HBO Max's Peacemaker & Amazon's The Boys make strong cases for weekly or hybrid releases (the first few episodes drop at first, then the remaining drop weekly) being in the conversation. That way, how a series gets released is up to the creators, producers & streaming service, so if a smaller series believes it could benefit from the extra time to grow and cultivate its audience, then it has that option. "It's hard to imagine, for example, how a Korean title like 'Squid Game' would have become a mega hit globally without the momentum that came from people being able to binge it. We believe the ability for our members to immerse themselves in a story from start to finish increases their enjoyment but also their likelihood to tell their friends, which then means more people watch, join and stay with Netflix," the streamer added in its earnings letter. Considering we have more than enough proof that building an audience over time has worked for series in the past, it's hard to imagine that the streamer would find it "hard to imagine" a scenario where Squid Game would've succeeded with a weekly drop. In fact, the series feels like it was made for weekly event viewing; just imagine the weekly watch parties and tweet-a-longs. So again, Netflix? You said you would never go the ad-supported route, and look what's happening next month. Just think about it… and your mom sends you her love, and she hopes you're dressing warmly.

Enjoyed this? Please share on social media!

Stay up-to-date and support the site by following Bleeding Cool on Google News today!