LOS GATOS, CA: Netflix is making further strides in the gaming world with a foray into Decentraland.
The company launched its Metaverse experience Monday to support the launch of the upcoming Netflix film. The gray man. Players can navigate a maze while answering questions about the film to win a non-fungible token at the end.
Netflix has partnered with Media.Monks to create the Metaverse experience. The Electric Factory developed and created the game within Decentraland. It runs until August 21st.
According to CNBC, Netflix plans to nearly double its video game catalog from 26 to 50 by the end of the year. The games list includes mobile titles, including ports of popular indie games and titles based on Stranger Things. Netflix is reportedly planning to bring more original intellectual property like The Queen’s Gambit into games. Consumers can install Netflix games from the Google Play Store and Apple’s App Store, but require subscriptions to play.
Subscribers haven’t engaged much with Netflix’s video games. Adding up the downloads for each game in the catalog gives a total of 23 million downloads and almost 2 million daily users, according to CNBC, citing data from app analytics company Apptopia. Netflix has 221 million subscribers, which means less than 1% are actively playing its games.
The streaming giant entered the gaming world last November with five mobile offerings, two of which were themed around the blockbuster show Stranger Things.
Mike Verdu, VP of game development at Netflix, said in a blog post, “We want to start building a library of games that has something for everyone.”
Netflix’s move toward gaming coincides with its focus on users who primarily interact with the platform on mobile. Gregory Peters, COO and chief product officer at Netflix, said on last year’s third-quarter earnings call that a “vast majority” of subscribers use the service on their mobile device.
Netflix is also trying to recover from the sharp decline in subscribers in both quarters of this year. It lost nearly 1 million subscribers in the second quarter, almost five times what it did in the first quarter.
Revenue growth also stalled again, as Netflix reported second-quarter growth of 9% to $7.9 billion compared to the second quarter of 2021. It forecast that revenue growth will slow to 5% in the third quarter, mainly due to global headwinds, but it also forecast 1 million subscriber gains in Q3.
To diversify its revenue streams, Netflix launches an ad-supported business. At his investor call in July, Peters shared his plans to launch a lower-cost subscription with ad integration in early 2023. free subscription tiers.
Peters said that Netflix chose Microsoft for its advertising capabilities and sidestepped suggestions that the partnership would allow Netflix to continue expanding its gaming offerings to find new revenue streams.