Netflix (NFLX) has officially closed Boss Fight Entertainment, the video game studio behind its well-known mobile game, Squid Game: Unleashed, according to a LinkedIn post. The move comes just over three years after Netflix acquired the Texas-based studio in March 2022 to expand its gaming footprint with experienced developers.
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Shutdown Despite Success
The closure comes as a surprise, especially given Squid Game: Unleashed’s strong performance. The game racked up over 10 million downloads on the Google Play Store and was one of Netflix’s most successful mobile titles. Further, it topped charts as the #1 Free Action Game in 107 countries.
Further, Co-CEO Greg Peters had referenced it during this week’s earnings call as an example of the kind of narrative gaming the company wants to pursue.
Boss Fight had been a key part of the company’s push into interactive entertainment, developing titles like Netflix Stories. Its other projects included interactive story games based on Netflix IPs such as Love Is Blind, Virgin River, and Emily in Paris.
Netflix’s Gaming Shift
The shutdown comes at a time when Netflix’s gaming division is shifting focus away from mobile and toward TV-based experiences, where users can play using their phones as controllers. Netflix games chief Alain Tascan, who joined last year, is leading the shift.
Under the leadership of gaming president Alain Tascan, the company is working on party games, narrative-driven experiences, kid-friendly content, and titles playable directly on TVs. Upcoming releases include LEGO Party!, Pictionary: Game Night, and Tetris Time Warp, all slated for the holiday season.
Is Netflix a Good Stock to Buy Right Now?
On TipRanks, NFLX stock has received a Moderate Buy consensus rating, with 24 Buys, six Holds, and one Sell assigned in the last three months. The average Netflix stock price target is $1,402.19, suggesting an upside potential of 28.09% from the current level.
