Are you curious about how Netflix, the streaming giant, revolutionized the entertainment industry and became a household name worldwide?
In this video, we delve into the fascinating success story of Netflix and explore the innovative strategies that propelled it to become a global phenomenon.
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➡️ It’s all about time and attention
Yes, Netflix wants more customers’ time and attention, and they are investing in games for that.
It’s been nearly two years since Netflix first announced its foray into gaming. Yet, as Netflix has more than tripled its game library from 24 to 77 games in the last year, subscribers have largely shrugged their shoulders.
This is all a part of the plan, though, according to Netflix.
As of September 2023, Netflix’s games have been downloaded 70.5 million times, globally, according to data obtained from Apptopia. An estimated average of 2.2 million users played one or more of Netflix’s games per day, even as Netflix adds new games just about every month, according to Apptopia.
➡️ Diversification of Revenue Streams
One of the main reasons why Netflix is venturing into the gaming industry is to diversify its revenue streams. The streaming service has been primarily reliant on its subscription-based model to generate revenue. While this model has been successful, it has its limitations.
Netflix has been facing increased competition in recent years from other streaming services like Amazon Prime, Hulu, and Disney+. To remain competitive and continue to grow its revenue, Netflix needs to explore other avenues.
➡️ Retaining and Attracting Subscribers
Another reason why Netflix is getting into games is to retain and attract subscribers. As mentioned earlier, the streaming service is facing increasing competition from other streaming services.
One of the ways to retain subscribers is to offer additional services that make Netflix stand out from its competitors. By offering video games, Netflix can differentiate itself from other streaming services and offer a unique value proposition to its subscribers.
Unlike movies and TV shows, which are passive forms of entertainment, games are highly interactive, requiring active participation from the player. By offering games on its platform, Netflix can provide its customers with a more immersive and engaging experience, allowing them to spend more time on the platform and increasing customer loyalty.
This, in turn, will lead to higher revenue for the company.
00:00 Intro
00:50 About Netflix
02:54 Netflix gaming strategy
08:32 Recent Success and Future Releases
12:02 Challenges and Future Outlook
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