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How 'Squid Game' is earning Netflix billions

Netflix now has 213.5 million subscribers globally, having added 4.4 million subscribers in the third quarter of 2021, thanks in large part to its biggest ever show "Squid Game".

That number beat the streaming service's own expectations as well as those of analysts. The company also forecast that it would have 222 million subscribers for the next quarter.

The results immediately sent the company's stock up by as much as 2 per cent in after hours trading before going negative nearly as much as the night went on.

READ MORE: Price of groceries set to increase amid global container shortage

Netflix's third quarter profit was $US 1.4 billion ($1.87 billion), up from $US 790 million ($1.05 billion) in the year-earlier quarter. Revenue jumped 16 per cent, to $US 7.4 billion ($9.89 billion).

This isn't a blowaway quarter for the company, which has had much bigger subscriber growth in the past. But after two consecutive sluggish quarters, the third quarter showed that Netflix appears to be somewhat back on the right track.

The report comes as Netflix is dealing with controversy over a Dave Chappelle comedy special as well as watching the growing popularity of "Squid Game" — a fictional drama from South Korea that has taken the streaming world by storm since its September 17 debut.

"Netflix is a global, direct-to-consumer service which enables creators to reach broader audiences — and gives our members an even greater choice of stories to enjoy," the company said in its letter to investors on Tuesday.

"There is no better example of this than 'Squid Game.'"

READ MORE: Parents of missing WA girl Cleo Smith make emotional plea

Squid Game leaders

The company announced earlier this month that the dystopian series, in which contestants desperately in need of money play deadly children's games to win cash prizes, was it's "biggest-ever series at launch."

The company said Tuesday that 142 million member households have watched the show in its first four weeks.

Elsewhere in the earnings report, Netflix reported that it added roughly 70,000 subscribers in the US and Canada — an improvement from the second quarter's loss, but only up about 1 million subscribers from last year's totals in those countries.

The company still has about 74 million members in the US and Canada, but the region has become very saturated, stagnating Netflix's growth there.

This is why the company has made its global expansion a point of emphasis.

READ MORE: No way home for stranded Aussies with unrecognised vaccines

Squid Game game

Case in point: the company's biggest growth in the third quarter was in the Asian-Pacific region, which accounted for roughly half of Netflix's gains.

Away from its numbers and "Squid Game," Netflix finds itself in the middle of a media firestorm as it continues to defend Chappelle's new comedy special "The Closer."

The special has been criticized as transphobic by some LGBTQ+ advocates, artists and employees. It premiered earlier this month.

Netflix fired an employee for sharing "confidential, commercially sensitive information" outside of the company about the stand-up special.

The unidentified employee was an organizer of an upcoming walkout by the company's trans employees, according to media reports.

No way home for stranded Aussies with unrecognised vaccines

Exclusive: Many Aussies stuck overseas might have an easier path home from November 1 when NSW opens its international borders after hitting the 80 per cent vaccination rate.

But for people like James Cater, 30, from Shoalhaven in NSW, who haven't had a vaccine recognised by Australia's authorities, the pain continues.

He could only get a Russian vaccine called Sputnik Light after more than 18 months stranded in the country.

READ MORE: How to get your international travel vaccine passport

James Cater is stranded in Russia

It means he'll still have to battle for a flight – NSW will only allow 210 unvaccinated people in per week with tight caps remaining in the rest of the nation – and pay $4000 for hotel quarantine with his partner Anna, 27.

READ MORE: Queensland's border changes explained

"I wish the TGA would just accept Sputnik vaccines as an emergency measure," he told 9news.com.au.

There are 47,300 Aussies now registered with DFAT as wanting to come home.

But they can only fly into NSW from November 1 with no quarantine if they've had vaccines made by Pfizer, Moderna, AstraZeneca, Johnson & Johnson (Janssen), Coronavac (Sinovac) – used by China – and Covishield, mostly used in India.

Other jabs, such as Sputnik and Sinopharm, are not recognised and do not allow their recipients to come home quarantine-free.

Mr Cater has been stuck in Russia since the borders closed in March 2020.

READ MORE: International flight caps lifted for returning Aussies

He had only planned to be away for a couple of months and because he's not a Russian resident, he could only get the Sputnik Light vaccine.

Russia's other jab, Sputnik V, was rejected for listing by Australia's Therapeutic Goods Administration (TGA) and Sputnik Light has not been considered.

James Cater is stranded in Russia

He is in Novosibirsk, Siberia, and was visiting Anna when the borders closed over 18 months ago.

He has had four flights home cancelled and has spent his life savings of $30,000.

Now he says he's "fatigued" at the latest hurdle.

READ MORE: How NSW's new quarantine rules will work

"Many Russians are travelling to the Balkans to get their shots so they can travel in Europe on 'vaccine tours' but as an Australian, this is not really set up for me, as all of the tours are return flight packages – my current status would not allow me to return to Russia," he said.

Meanwhile, Russian COVID-19 cases are surging.

"A lot of Russians suspect the death statistics have been diluted quite a bit from the official reporting," he said.

"Anecdotally, our friend's father died in June and I suspect one of our neighbours did in March this year."

Stranded Aussies also face further hurdles still if their destination is not NSW.

A medical staffer wearing a special suit to protect against coronavirus prepares to treat a patient with COVID-19 at the City hospital No. 52 for coronavirus patients in Moscow, Russia.

While NSW is removing all quarantine with a negative test on arrival, anybody who wants to travel to other states must abide by whatever domestic travel rules are in place at the time.

While Victoria has removed tests and quarantine for NSW arrivals, for other states that could include quarantine or in the case of WA, an outright ban, with the state indicating it will remain closed to states with cases even by Christmas.

The Department of Home Affairs has also indicated families with unvaccinated children over 12 will have to do quarantine when they return to Australia – but not all nations are vaccinating children.

READ MORE: Domestic and international cruises could restart this summer

A DFAT spokesman said: "We are doing everything we can to assist Australians who remain overseas to return."

The Department of Health said: "The ATAGI definition of fully vaccinated applies for all those eligible to be vaccinated in Australia with TGA approved or recognised vaccines.

"Children under the age of 12 are not currently eligible to be vaccinated, and as such would be exempt from vaccination requirements.

"Decisions around quarantine remain a matter for the respective states and territories under their reopening plans.

"Information related to TGA approved and recognised vaccines is available online.

"Both ATAGI and the TGA continue to review the evidence and will update advice as information comes to hand."

Contact journalist Sarah Swain at