Why Netflix is a success and keeps challenging the Cable
Netflix is now a household name and one of the most successful, dominant company in the relatively young and hugely expensive on-demand media industry. The most important achievement of Netflix is that it has let customers consume content in the way that they prefer. Hence they have challenged most cable companies to change the way they do business.
Netflix is a store house of media content ranging from movies, documentaries, TV shows, educational programs and children’s programs. Customers are given the option to pay a monthly flat fee based on several packages. These packages vary based on a number of factors which makes the value the customers pay worthwhile. The customers are able to consume any content at any time from whichever the platform they prefer making it a very attractive option out there to consume media content.
There are many factors that affected the success of Netflix and most revolve around the huge amount of variety that’s available to the customer. But more than this there are some other factors which helps Netflix be on the top. Its success has now helped it become a pop culture icon and has become a household name with many references.
Netflix uses innovation to say on top of the game and ahead of all the other on-demand media content providers such as Amazon Prime. Netflix has become home to some of the best new TV shows instead of them being on TV networks. The reason for this is that show runners are given freedom to pursue their own visions without notes of approval from a TV network. This lead to Netflix running some of the most popular and quality series such as “House of Cards”, “Orange is the New Black” and the recent sensation “Daredevil”.
In addition to this Netflix has a variety of original content, such content has provided Netflix with a loyal user base. It also has been the source of success and stock price appreciation of Netflix.
Netflix aggressively mines user data which has been another innovative action taken by Netflix. This data was used to present the customer with content that is more appealing to them. It was done based on the shows they have watched and like. The more you watch the richer suggestions you get. And in my own personal opinion the Netflix suggestion to me have always been spot on. It is one of the unique selling points for Netflix because everyone’s experience with Netflix is their own. Different people may view Netflix differently due to the suggestions made, making it a personalized experience.
However this is not the only use of this data, Netflix sources this data to determine what type of original content the company should create. This has led to Netflix having a higher success rate in manufacturing hits. It is always better to let the show runners make decisions on content rather than business executives and finding genres and talent that the audience already likes are the key factors behind the success of Netflix.