Can Netflix break out of its range on video game news?
Netflix has announced big plans for an expansion into video games which can be accessed through its streaming service within the next year.
It’s an important step for Netflix as the streaming market becomes more saturated with Disney+, Apple+, HBO Max and many other media companies offering streaming subscriptions.
This was highlighted in its recent earnings report where the company added fewer subscribers than expected.
Source: Admirals MetaTrader 5, #NFLX, Weekly - Data range: from Nov 12, 2017, to Jul 16, 2021, performed on Jul 16, 2021, at 8:30 am GMT. Please note: Past performance is not a reliable indicator of future results.
Last five year performance: 2020 = +67.11%, 2019 = +20.89%, 2018 = +39.44%, 2017 = +55.06%, 2016 = +8.24%
The news of Netflix’s expansion briefly lifted the company’s share price. However, it remains stuck in an overall range in between the two black horizontal lines shown on the chart above.
As Netflix gets closer to releasing its video game streaming service it will be interesting to see if investors can break through the top of the range on the belief it will add more value to the company.
It’s certainly a stock to watch.
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