Video streaming sites like Netflix are like a library that automatically filters out your suggestions and instead of allowing you to choose a book from which you wish to read, Netflix gives you suggestions from the past and currently appearing titles at the top of the page with curated content, in this case, movies.
This doesn’t just give us a constant stream of content with an endless number of titles; other cues can also be used to inform us about what we might like and help us choose something fresh. I use Netflix and a few other video streaming sites as a backup for rare content I would otherwise have missed, and also because of the ability to watch larger portions of films and TV shows than what mainstream TV has to offer.
In its last earnings call, Netflix reported that they had added 24 million global subscribers in the last quarter, a third more than the same period last year.
With Netflix expanding into over 190 countries, Netflix’s earnings could have taken a battering if the company had decided to restructure its strategy. Netflix seems to be adapting to the changing world in which we are navigating. By tightening its budgeting mechanisms, reducing its content budget by 30% this year, and simply aiming for greater profitability, Netflix seems to have come up with a more limited strategy with different plans going into different regions.
The changes that Netflix has recently made to its revenue-generating strategy would allow them to plan its strategy further ahead in a way that would allow it to react quickly and to better serve changes in the entertainment industry. In this way, Netflix can continue to take advantage of the opportunities of the industry that are not currently considered, as it did with its original content strategy.
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