Netflix has undoubtedly impacted the entertainment industry with its over-the-top (OTT) platform, it is one of the leading companies in this field. But how did they achieve this feat? What is their business development strategy?
Assuming that you are also curious to know more about Netflix’s strategy, we are here to give you an insight into the same. By the end of this article, you will have a better understanding of how Netflix became the king of the OTT space.
When Netflix started in 1997, it was a DVD-by-mail company, offering a convenient way to rent movies without leaving your home. As the demand for this service increased, Netflix stepped up its game and even offered a monthly subscription model for those who didn’t want to rent DVDs individually.
Back in 2007, Netflix entered the streaming market to provide online access to video content. This decision proved to be a game-changer for Netflix, enabling it to stay ahead of its competitors. Unlike traditional TV channels, Netflix was not just limited to a particular time slot and the number of episodes. It gave users the freedom to watch their favorite shows and movies anytime they wanted.
In the years that followed, Netflix continued to innovate its service by producing original content to attract new subscribers. Today, Netflix has produced many successful series such as “Stranger Things,” “House of Cards,” and “Narcos,” among others. These originals helped the company expand its audience and solidify its presence in the streaming industry.
One of the driving forces behind Netflix’s success has been its personalization algorithm. The service tracks users’ viewing habits, and this data is used to suggest similar shows and movies to the viewer. This has helped them retain customers by offering content that is aligned with their interests.
Netflix’s strategy has also involved working closely with telecommunication companies so that their users can stream with ease without worrying about their internet bandwidth. Furthermore, Netflix’s global expansion has been smartly planned and executed, giving them a huge user base even outside their home country.
In conclusion, Netflix’s success did not happen overnight, but it was the result of strategic moves over time. By adapting to the changing market demands, personalized recommendations, original content, smart collaborations with telecom operators and a smartly planned global expansion strategy, Netflix conquered OTT streaming and became an entertainment giant.
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