The success of “Squid Game” helped spread actions Netflix inc (NASDAQ: NFLX) and could provide a future boost with the current fiscal quarter, including a potential increase in the number of new subscribers.
Here is another business that could see their subscriber count and revenue increase thanks to the success of “Squid Game”.
What happened: Language learning app Duolingo Inc (NASDAQ: DUOL) is one of many companies providing an overview of the top trends in 2021.
Users who have taken at least 10 lessons throughout the year on the Duolingo app can obtain a personalized annual report from Duolingo. The review shows how many courses were taken, what time the courses were completed and how many hours were spent on the language learning app.
The 2021 Duolingo linguistic report also provided an in-depth overview of the languages most learned by Duolingo customers, based on data from over 500 million learners worldwide.
One trend observed in the report was the growth of Asian languages. Japan has become the fifth most popular language to study and the fastest growing language in the US and UK
Korean was the seventh most popular language to study in the world and ranked as the fastest growing language in several countries.
“The world is turning to more Korean and Japanese entertainment, listening to more K-pop, and reframing language study as something you do to complement and support your interests and other pursuits,” said Duolingo.
Korean was the second most popular language to study in Japan, a country where it did not make the top five in 2020.
More than two-thirds of users surveyed by Duolingo noted a “cultural event” might encourage them to try to learn a new language. TikTok videos were cited by 29% of people as a motivation to learn a new language.
Streaming shows also play an important role in inspiring people to learn new languages.. Of those surveyed, 37% said they started Spanish lessons after watching “Money Heist”. Korean was started by 28% of people polled after watching “Squid Game”. French was initiated by 20% of people after watching “Emily in Paris”.
Related Link: Squid Game Mania Takes Over, What It Could Mean For Netflix And That Clothing Stock
Why this is important: Duolingo is the most downloaded educational app and offers over 100 courses and teaches 40 languages to customers around the world.
Duolingo reported second quarter sales of $ 58.8 million and third quarter sales of $ 63.6 million. The company expects revenue of $ 66.5 million to $ 69.5 million for the fourth quarter.
The company had record third quarter bookings and strong usage figures.
“Our performance in the third quarter was exceptional. We have had record bookings and a record number of paid subscribers, with monthly and daily users also reaching record levels, ”said CEO and co-founder of Duolingo. Luis von Ahn noted.
Duolingo saw high usage in 2020 due to home orders due to the COVID-19 pandemic. Duolingo managed to exceed this growth in the quarters reported in 2021.
More people watching international content on Netflix could prove to be a catalyst for Duolingo.
Price action: DUOL shares have traded between $ 98 and $ 205 since their IPO in July. At market close on Thursday, shares were down 8.40% to $ 99.46, below the IPO price of $ 102.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.