Netflix Explored Cloud Gaming To Boost Growth: Report

Netflix, Inc NFLX is looking for a security product manager with experience handling “cloud gaming challenges,” TechCrunch reports.
A cloud gaming service similar to Sony Group Corp SONY PlayStation Now, Alphabet Inc GOOG GOOGL Google Stadia, or Amazon.com Inc AMZN Amazon Luna, would help Netflix diversify beyond mobile, bringing its games to TVs and PCs without relying on game consoles.
Netflix continues to expand its mobile games library with the recent “Into the Breach” and “Before Your Eyes.”
According to Apptopia, less than 1% of Netflix’s subscriber base plays its mobile games despite being available for free of cost.
Netflix has 221 million subscribers, and only an average of 1.7 million daily users play Netflix games.
The global cloud gaming market will likely reach a whopping $20.94 billion by 2030 as gamers flock to cloud gaming services to bypass the expensive hardware.
Streaming companies like Netflix battled subscriber losses as people moved out for entertainment following the pandemic recovery. Additionally, the inflation, geopolitical crisis, and uncertain macro curtailed consumer spending.
Needham saw Netflix as unlikely to win the Streaming Wars pending the launch of a lower-priced ad-driven tier, adding Sports and News content, bundling with other products, and acquiring an extensive film and TV content library.
Price Action: NFLX shares traded higher by 0.09% at $226.74 in the premarket on the last check Tuesday.