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Netflix Evolution and Strategy for Future Development
- 1 Case Western Reserve University
* Author to whom correspondence should be addressed.
Abstract
Since Netflix's founding in 1997, Netflix has transformed from an online DVD rental service into a massive streaming media company. Its 44.21% share of the US streaming market by 2023 shows how flexible and well-liked it is in the cutthroat world of streaming media. Amazon Prime Video, Hulu, Disney+, HBO Max, and other streaming services are competitors for Netflix, which has had inconsistent financial performance in 2023. Its strategy is centered on investing in high-value projects, creating content with both local and global appeal, and expanding globally. Netflix prioritizes original content, technological innovation, and international expansion as part of its subscription-based business model. In the cutthroat streaming market, Netflix faces off against established behemoths and upstarts and oblique rivals like social media sites. Though obstacles like financial management, content saturation, and strategic transparency still exist, its strategic concentration on unique material and international expansion seems appropriate. Future success is advised by prioritizing user experience, investing in technology, diversifying revenue streams, increasing the diversity of material, and being transparent about audience data.
Keywords
Netflix, Strategy, Global
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Cite this article
Zhang,J. (2024). Netflix Evolution and Strategy for Future Development. Lecture Notes in Education Psychology and Public Media,51,36-40.
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Volume title: Proceedings of the 2nd International Conference on Social Psychology and Humanity Studies
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