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Netflixs Success and Its Most Important Factors
Introduction
Netflix is a brilliant example of proper business management where everything is done correctly. The organization has consistently implemented intelligent, calculated decisions, from its marketing and content to its corporate strategy and product. Netflix has developed a deep grasp of its audience that few companies have because of the massive market share. The brand has no boundaries to what it may do in the future with the solid and expertise, cheap product. I have learned a lot from Reed Hastings, who originated the notion of launching an online movie renting provision.
Discussion
The firm started operating on a pay-per-rent basis on the rental stores, with rates as well as due dates. Netflix chose to transform to a subscriber-based approach after seeing an incredible growth. The Company launched a customized movie suggestion service, which aids in correctly predicting options for Netflix users (ENDEVR, 2011). By the introduction of video on demand via the internet, the firm decided to depart from its original primary business approach of selling DVDs. They opted to stream their material as part of their online streaming strategy. The platform has advanced to streaming technologies, improving and elevating Netflixs entire business structure and income (Wang, 2022). The company is now one of the worlds largest Internet business by revenue after transforming to a streaming platform.
In my opinion, the main factors that led to the success of the companys success were:
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Flexibility:Â Since the company provides its subscribers with the ability to watch whatever video at any time, they have been able to grow significantly. They may manage information on any screen and at any time.
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Using Technology to Cause Disruption:Â Netflix has been expanding its audience base at a steady rate over the years. Netflix only mailed DVDs but eventually eliminated late penalties, considerably aiding Blockbusters crush. With time, they advanced from distribution of the content to streaming movies of very high-quality as well as TV episodes. The business has already started concentrating on the production of its original content to maintain its growth prospects. There is a great reception to the contents among the subscribers and has been labeled a popular program across the board.
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Improved User Experience:Â The company does widespread research to deliver the most incredible user experience possible. The most notable feature is the showing of movies generated by customers. It also has a download-and-go option that allows users to view programs without connecting to the internet. It also permits users to share their Netflix account as well as provision of a 30-day free membership.
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Various Options:Â Distribution partners deliver Netflix subscribers with numerous movies, TV shows, and documentaries. This continuously introduces new alternatives, enticing millions of clients.
Conclusion
If I were to alter one thing about Netflix today, it would be aggregation. My take is that Reed Hastings and his team has little to lose and much to gain by moving to a hybrid aggregator network on which multiple content producers sell directly to customers at their pricing, from being a video aggregator under a single subscription. Fear of hunger for new adventures and rivals inspire becoming a platform. Competitors like Walmart would be Netflixs greatest worry owing to the vast amount of resources and experience accessible, yet they continues to lag behind Netflix. According to my study, Blockbuster had multiple retail outlets to cope with, as well as many other aspects of a business, and so did not have a dedicated staff of workers entirely committed to the online DVD rental business.
References
ENDEVR. (2011). How Netflixs Reed Hastings changed the world. [Video]. YouTube. Web.
Wang, Y. (2022). Netflix: How to keep a continued success. In 2022 2nd International Conference on Enterprise Management and Economic Development (ICEMED 2022) (pp. 1215-1219). Atlantis Press.
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