Netflix is changing the way it measures its viewing figures, according to its Q3 letter to shareholders (via The Hollywood Reporter (opens in new tab)).
The streamer used to count two minutes of viewing time on a movie or TV show as a view, whereas now it will report the number of hours watched in the first 28 days on the platform. Netflix has also said that it will report these figures more regularly.
“We think engagement as measured by hours viewed is a slightly better indicator of the overall success of our titles and member satisfaction,” reads the shareholder letter. “It also matches how outside services measure TV viewing and gives proper credit to rewatching.”
Squid Game racked up 142 million views over its first 28 days of release, which bypasses all previous records held by Netflix movies and shows – the previous record-holder was Extraction, the Chris Hemsworth-led actioner, which amassed 99 million views in its first month. The only TV show to come close is Bridgerton, with 82 million views.
With the new metric, however, the numbers are even more impressive: according to Bloomberg (opens in new tab), Squid Game has accumulated 1.4 billion hours of viewing time in its first 23 days. Bridgerton still comes in at second place with 625 million hours of viewing worldwide. The Bloomberg report also says that Squid Game is set to create nearly $900 million in value for Netflix, despite only costing $21.4 million to make.
If you’re one of the millions of people who’s already tuned into Squid Game, check out our list of the other best Netflix shows that you can stream right now.