Netflix (NFLX) has been doubling down on its recent foray into the video game industry. Its internal gaming team now sits at roughly 400 people, and is hiring more.
So far, Netflix has used mobile games as its entrypoint into the gaming market but wants to get into games that can be streamed from TVs or PCs.
So far, Netflix has invested $1 billion in its gaming division. However, it has a few key advantages.
As of September 20, the company’s games have been downloaded 70.5 million times, up from 30.4 million downloads last year. While this may be impressive year-over-year growth, it still pales in comparison to the world’s biggest games.
But Netflix has other aces up its sleeve. While companies like Microsoft (MSFT) must complete massive acquisitions in order to offer gamers recognizable titles, Netflix has an acclaimed content library to pull from. It has already created games for the popular shows Squid Game and Wednesday.
Read more reporting here .
Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement.
No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.