AceShowbiz - Netflix will be changing its two-minute 'view' standard following the huge success of "Squid Game". The streaming giant revealed in its third quarter letter to shareholders that in the future it will report total hours viewed within 28 days of release, leaving its the two-minute "view" metric.
"We think engagement as measured by hours viewed is a slightly better indicator of the overall success of our titles and member satisfaction," the shareholder letter read. "It also matches how outside services measure TV viewing and gives proper credit to rewatching."
The streaming platform also revealed that it will "more regularly" release hours viewed counts. "So our members and the industry can better measure success in the streaming world," the statement continued.
This marks the second time for Netflix to change its viewing metrics. Netflix switched to the two-minute standard in the fourth quarter of 2019. The company claimed that it's an amount of time they say is "long enough to indicate the choice was intentional." Prior to that, the streaming giant considered a view if any member account completed 70 percent of a movie or 70 percent of a single TV series episode.
In the letter to investors, Netflix named "Squid Game" its most popular show ever as it reached 111 million viewers in less than a month. Previously, Netflix announced the milestone on its official Twitter, writing, "Squid Game has officially reached 111 million fans - making it our biggest series launch ever." The show is also the No. 1 program in 94 countries.
That aside, Netflix reported that it gained 4.4 million memberships in the third quarter of 2021, thanks to the return of popular series and new hits such as "Squid Game". It brings the company's total paid global subscriber base to 213.6 million.
Released on September 27, "Squid Game" is "an imaginative, unorthodox story in which 456 contestants risk their lives in a mysterious survival game -- involving multiple rounds of childhood games -- for a chance to win 45.6 billion won."