The Story of Netflix
Times are changing, and along with the same are the advancements of technology. When changes in the business environment are inevitable, entrepreneurs must learn to adapt and open up their minds for more innovative thoughts, that will create a more competitive edge and makes them always a step ahead from the rest.
The best example for a successful venture who embraced innovation and advancing times will be the currently no:1 streaming network ‘Netflix’.
Everyone obviously knows what Netflix is and what they do, with the current pandemic that has forced everyone to stay at home, its popularity and demands have increased immensely.
Netflix began as a DVD rental service, who had a difference of their own, that would send you your desired movie DVDs through mail post and when your rental period is over you sent them back. It served as a convenient way for customers for it delivered right to your door. When their customer base increased, Netflix came up with a new ‘Subscription plan’ where subscribers can keep the DVDs they have rented indefinitely till they needed new ones. This too was met with high popularity and success.
The co-founders of Netflix Reed Hastings and Marc Randolph always looked forward, they reinvented the DVD rental business, but they didn’t stop there, the innovations they were to bring in were only getting started…
They introduced the game-changing ‘Streaming services’ where you can watch your favorite T.V. shows or movies on your PCs in real-time or at any time of your convenience. Though it started with just a few shows and movies, we all know how it turned out.
They embraced the rising change in technology and saw the great innovation potential, always keeping an eye forward.
The subscription plans of the streaming services allowed for 4-5 profiles to use one account, making way for cost-saving for the customers, (probably why even with so many OTTs Netflix is still the favorite for many).
The other reason for their growing success owes to more technology advancements, where they introduced the mobile app of Netflix making entertainment on the go a reality.
‘Netflix Originals’ created exclusive shows just for the Netflix customers with a huge variety of genres that catered to all interests of their customers.
Netflix brought innovations in their services right from the start, now being at the top of the lists of best entertainment streaming services, Netflix is existing proof of how innovation is the essential key for growth, sustainability, and rising success.