Netflix bosses spend more time discussing Ice Age than Netflix Games during latest earnings call

What is going on with Netflix Games? It has only been a few weeks since the U.S. streamer shuttered both Oxenfree developer Night School Studio and fellow internal studio Moonloot Games. Last year, Squid Game: Unleashed developer Boss Fight Entertainment met a similar fate, while Cosy Grove studio Spry Fox split from Netflix after three years to regain its independence. 

Finnish outfit Next Games looks to be the last internal studio standing at Netflix. Although, some employees at the company were reportedly caught in the entertainment titan's latest round of cuts, which saw 1,000 people kicked to the curb shortly before Netflix announced Q3 revenue grew by 12 percent year-on-year to over $12.9 billion.

Given Netflix leadership described cloud-based TV games as a 'big priority' back in January, you'd imagine there might be a teeny bit of chatter about Netflix Games during the company's Q3 earnings call? Or perhaps a brief mention of the division (or any video game project, for that matter) buried within the quarterly shareholder letter?

You would be wrong. 

The word 'game' is mentioned four times in Netflix's Q3 shareholder letter, and in almost every instance is referencing the NFL games the company will be showing on Thanksgiving and Christmas Day.

The only time 'game' is used in what appears to be a nod to video games is within the forward-looking statement slapped onto the end of the letter. This is a common legal notice used by companies to essentially state "we cannot predict the future."

I figured Netflix Games might still be mentioned during the earnings Q&A but, during a call that lasted over 40 minutes, execs spent more time (around 50 seconds, to be exact) discussing the benefits of having Ice Age on the platform by way of a third-party licensing partnership with Disney than they did their video game plans.

That is to say, Netflix Games wasn't mentioned at all. 

Netflix Games is rarely a focus during the company's quarterly briefings, but it is usually granted a moment in the spotlight. For instance, during the company's Q2 shareholder letter (published on July 16, 2026), Netflix took the time to praise the performance of individual releases. Here's that quote:

"Our cloud-based TV games are gaining traction. In June, we had our two most successful cloud game debuts, with the releases of FIFA World Cup: Launch Edition and Unhinged. And Netflix Playground, our app for kids games, has experienced 3x growth in daily players since its launch in April, and has fueled growth in our kids mobile games engagement, which is up 600% year over year . While off a small base, these early signals give us increasing confidence that we are building a foundation with exciting future growth potential."

This time around, there was nothing of the sort.

Vertical Slice has reached out to Netflix for more information.