On Friday, the stocks of Netflix Inc. surged on the success of its new Korean series Squid game.
The production company surged 1.87% or 11.21 points to $610.27 per share, following its last increase of 2.61%.
Netflix is an over-the-top American media tech business that provides a library of films and television series.
In addition, it stands at a market capitalization of $270.10 billion and shares outstanding of $442.60 million.
Accordingly, the firm performed best in the market as the massive popularity of the survival thriller show attracted more subscribers to its streaming platform.
Squid game is the first South Korean series to hit the top spot on Netflix’s leaderboard, indicating the growing influence of Korean entertainment worldwide.
Consequently, its global downloads skyrocketed to their highest level.
The significant success of the show is most evident in the Asia-Pacific region.
Subsequently, Wall Street is optimistic that a steady stream of hit Netflix shows will keep the hike in subscribers.
In addition, the return of the new season of “The Witcher” fuelled its recent stock gains.
Meanwhile, the company diversified as it expanded into the video game industry.
Reports mentioned that Netflix recently acquired Night School Studio.
Also, it is mentioned that the independent developer would develop games from the platform’s original content.
Moreover, leading rivals of Netflix declined on Friday trading.
In particular, Walt Disney Co. dropped 2.03% or 3.51 points to $169.17 per share.
Similarly, Amazon.com, Inc. dwindled 0.49% or 16.08 points to $3,285.04 per share.
Then, ViacomCBS Inc. Class A pared 3.35% or 1.46 points to $$42.07 per share as Comcast Corp. was unmoved at $55.93 per share.
US Stocks Traded Red as Netflix Surge
Meanwhile, shares on Wall Street consolidated their losses as Netflix Surged.
The Dow Jones Industrial Average index tumbled 1.59% or 546.80 points to $33,843.92 per share.
At the same time, the benchmark S&P 500 lost 1.19% or 51.92 points to $4,307.54 per share.
Similarly, the Nasdaq Composite index dipped 0.44% or 63.86 points to $14,448.58 per share.
Consequently, tech giants slumped in the trading market.
For instance, Apple Inc. skidded 0.93% or 1.33 points to $141.50 per share.
Then, Alphabet A edged down 0.50% or 13.60 points to $2,673.50 per share.
Likewise, Tesla decreased 0.75% or 5.86 points to $775.45 per share.
Furthermore, Facebook plunged 0.06% or 0.22 points to $339.39 per share.