In 1997 a company was formed which focused on making people living in parts of USA such as California, Texas and some other cities available to major DVD titles which they can order sitting at their home. No one had ever thought that “Netflix” will be change the course of the television and movies which are viewed not only in USA but across the globe. Now catering to 190 countries, Netflix has become one of the most important and in some cases sole course of entertainment for many people. Once Netflix had given the option to sell itself to its rival “Blockbuster” but the later refused as it thought that Netflix was just in the market for some time and that it will soon fade away.
“Netflix and Chill” has become the most common and well-known slang of the modern time. It was the first streaming service to ever come up with Video on Demand (VOD) service for its members. At a subscription fee which is less than $ 12 per month (USD) in USA and in majority of its served nations, Netflix gains the momentum by studying the data and predicting the behavior of its members. As per the study by Netflix if a member doesn’t select what he wants to watch in the first 2 minutes of its coming to its homepage, there is a high possibility that the member will continue doing some non-productive work or will go and surf anything on the net. Netflix invests close to 8 billion $ as in 2018 in its original content.
The main insight that we study and come to know from the brand Netflix are the following:
- The company is able to maintain decency in terms of maintaining a cordial relationship between the art (in terms of the content which is available) and science (data analytics which is used to predict and study the behavior of the members).
- They were the first company to develop the culture that a human being doesn’t have to go to cinema halls in order to get the experience, they can receive the same amount of experience when they are at home or are travelling.
- Leverage and make all the best content available in order to get the best segmentation. Know your customer is the major thing which all the company forgets or take it lightly, Netflix has changed it drastically by giving the personalized and also customer centric content.
- Think Visually: Netflix gives its customer the shows which can be binged watched within some days of its release over the site.
- Netflix theatre: Company is coming up with its own chain of theatre’s for its premium customers in order to redefine the way a person watches the original content.
A company whose main aim was to give its customer the most “lazy” experience has been successful in doing so. So as they say, let’s “Netflix and Chill”.
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