When you think about searching online, you think Google. When you think about colored sticky notes, you think Post-it. And when you think about binge-watching series and movies you think of……right: Netflix. Netflixing has become synonymous to binge-watching.
Netflix is an inspirational example of a company that successfully shifted their business model multiple times and grew exponentially because of that. They started with renting boxed products through a mail service nationally (in the US) and shifted to delivering on-demand entertainment catering to diverse needs globally. The ‘all you can eat subscription’ that Netflix offers, lets you watch your favorite shows anywhere and at any time you want.
It all began in April 1998, when Netflix started renting out DVD’s by mail. Only a year later Netflix changed its pay-for-use model into a subscription model. Nearly a decade later, Netflix changed their proposition to a streaming service, which changed the way millions of people spend their free time. There are new entrants in the market, such as Amazon Prime, Hulu Plus and Facebook Watch, yet Netflix is by far the leader, serving 125 million customers and generating 11.7 billion in revenues in 2017.
What did their innovation journey towards this success look like and what is driving the exponential growth? Let’s explore how Netflix shifted their business model in order to grow exponentially….[Read More]
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