![]() ![]() And now, we're working super hard on it." "But when we were growing fast, it wasn't the high priority to work on. ![]() We've been thinking about that for a couple of years," Hastings said during the company's April earnings conference call. "We're working on how to monetize sharing. In 2017, Netflix's corporate account tweeted "Love is sharing a password."īut as Netflix's growth has slowed, executives see password-sharing crackdowns as a new engine to reinvigorate revenue growth. Appointment viewingįor many years, Netflix dismissed password sharing as a quirky side issue that merely demonstrated the popularity of its product. Executives have added more original programming in recent years to avoid a lasting reliance on licensed content - much of which has been pulled back by the media companies who own it to fill their own streaming services. Still, it does intend to reallocate money to focus on quality after years of adding quantity to fill its library, the people said. Netflix doesn't plan to lower its overall budget on content. The hope is the end result will lead to higher-quality programming and less fluff. Netflix plans to start ordering more pilots and slow down on its straight-to-series development process, according to people familiar with the matter. While a few are notable, such as "The Witcher: Blood Origin" and "That '90s Show," most have generated little buzz. Deadline noted 47 different examples of Netflix ordering straight to series in 2020-21 and. The downside, Netflix has found, is it's also led to series that didn't turn out to be very good. Ordering projects straight to series gave writers and producers certainty and, frequently, more money. Show creators would ask us, 'Do you want to see notes? Don't you want to see a pilot?' We'd respond, 'If you want us to.' Creators were gobsmacked." "At Netflix, our data made our decisions for us, so we'd just order two seasons. "If you're a typical studio, you raise money for a pilot, and if it tests well, you pick up the show, maybe you make a few more episodes, and you wait for the ratings," Barry Enderwick, who worked in Netflix's marketing department from 2001 to 2012 and who was director of global marketing and subscriber acquisition, told CNBC in 2018. Other streamers have followed suit after seeing Netflix attract A-list talent by skipping pilots. ![]() Part of Netflix's pitch to content creators has been ordering "straight to series," rather than making traditional pilot episodes of shows and judging them based on a hard product. The larger question is how they will impact the firm's brand over the long-term." "These decisions will clearly help revenue and subscriber growth in the short- to mid-term. "It's notable that Netflix is seeking growth by rethinking many of its firmly held beliefs," said Joel Mier, Netflix's director of marketing from 1999 to 2006 and a lecturer in marketing at the University of Richmond. In other words, Hastings has decided his best strategy now is to un-disrupt. Instead of inventing new ways to upend what's become a crowded streaming video industry, Netflix is reconsidering nearly all of the ways it stood out from legacy media companies in the first place. The change in strategy, even on the margins, is a surprising one for a company best known for disrupting two industries - first video rental and then cable TV. While the company has consistently churned out big hits, such as "Stranger Things" and "Squid Game," Netflix is rethinking many of the philosophies that disrupted the industry more than a decade ago. Netflix executives are now reflecting on how they failed to adjust to a new competitive reality, one which was masked by massive subscriber gains during the Covid pandemic when billions of people around the world were stuck at home. ![]() Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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