Netflix is a streaming service for movies and TV shows, founded in 1997 by Reed Hastings and Marc Randolph. In 2013, Netflix earned US$1.146 billion in revenue, with over 33 million subscribers worldwide. As of 2020, Netflix’s revenue is estimated to be around $29 billion, and its market cap is at a staggering $176 billion.
Netflix has been incredibly successful since its inception, thanks to its low price point and convenience. The company has also made some savvy business decisions, such as investing in original content (such as the hit series House of Cards) and partnering with major studios (like Disney) to stream their films and TV shows.
Thanks to its huge subscriber base and strong financials, Netflix is one of the most influential companies in the entertainment industry. Here are various ways Netflix is revolutionizing the entertainment industry.
Utilization of Oracle
Netflix is one of the biggest users of Oracle databases, and it has been using them since the early days of the company. To handle the large amount of data that Netflix processes daily, the company relies on Oracle’s database technology.
In addition to Oracle, Netflix also uses Google Cloud Platform (GCP) for some of its workloads. For example, Netflix uses Google BigQuery for analytics and data warehousing. By using GCP, Netflix can offload some of its processing power and storage needs to Google. This helps Netflix save money on infrastructure costs.
Since the company uses these platforms so much, their employees must know about them. This is why they usually hire a company to do robust Oracle onboard training for their employees. These training sessions can make a difference in employee efficiency.
Partnerships with Major Studios
As mentioned earlier, Netflix has partnerships with major studios like Disney. These partnerships give Netflix access to a large catalog of films and TV shows that it can stream on its platform.
In addition to Disney, Netflix also has partnerships with other studios like Warner Bros. and Universal. These partnerships help Netflix keep its subscribers happy by giving them a constant stream of new content to watch.
Content Investment
Netflix has been investing heavily in original content over the past few years. In 2021, the company was expected to spend around $17 billion on content. This content investment is paying off, as Netflix’s original series and films have been well-received by critics and audiences alike.
Some of Netflix’s most popular original series include Stranger Things, The Crown, and Ozark. The company has also had success with its original films, such as The Irishman and Birdbox.
By investing in original content, Netflix can differentiate itself from other streaming services like Hulu and Amazon Prime Video. This helps the company keep its subscribers happy and attract new ones.
VR and AR Content
Netflix is also investing in virtual reality (VR) and augmented reality (AR) content. The company has already released a few VR experiences, such as the Stranger Things VR experience.
In addition to VR experiences, Netflix is also working on AR content. For example, the company is working on an AR app that would let users see how different sets and props from their favorite shows are made.
By investing in VR and AR content, Netflix is showing that it’s a company that’s always looking to innovate. This helps the company stay ahead of the curve and remain one of the leaders in the entertainment industry.
Technology Advancements
Netflix is constantly working on new ways to improve its streaming service. For example, the company recently announced that it’s working on a new feature that would let users download shows and movies to watch offline.
Netflix is also working on a new video codec called AV1. This codec is designed to reduce bandwidth usage by 30%. This is important because it will help Netflix save money on streaming costs. This can increase the company’s profits and, in turn, can help it reinvest in more content.
Digital Marketing
Netflix is very good at digital marketing. The company uses social media, paid advertising, and other marketing channels to reach its target audience.
For example, Netflix uses social media platforms like Twitter and Instagram to market its original series and films. The company also uses paid advertising on these platforms to reach even more people.
In addition to social media and paid advertising, Netflix also uses email marketing to keep subscribers up-to-date on new releases. By using a mix of marketing channels, Netflix can reach a wide variety of people.
What’s Next for Netflix?
Netflix is always looking for ways to improve its streaming service. The company is constantly investing in new technology and content. This helps the company stay ahead of the competition and maintain its position as the leading video streaming service.
By constantly improving its streaming service, Netflix can keep its subscribers happy and attract new ones. This helps the company maintain its position as the leader in the video streaming industry.
