Think about the first time you subscribed to something that automatically was paid from your account. Netflix has been doing this since 1997. It was the service that allowed us to watch more DVDs without the late fees when you consider all of the things that preceded Netflix including Blockbuster and to some extent, Red Box. It’s been over 22 years, and they’ve changed the face of mail subscriptions and video rental in a very fluid and digital world. Not only were they turned down and laughed out of a meeting at Blockbuster, they have now evolved into a live-streaming digital force that started with a simple idea of entertaining their consumers in a monthly package. Netflix, like Costco, makes its money on a large membership base. Where Netflix differs is that its monthly recurring revenue from this wide base is driven by its constantly refreshed library of video content.
Fun Facts About Netflix
- If you have been a client of Netflix since 1997, you have spent less than $3k with their basic package for their service.
- Blockbuster and any other company Netflix approached for investment, could have bought the company in 1997 for $50 million. In 2019, the US revenue of Netflix was over $20B in sales.
- Netflix now has 158.3 million subscribers globally.
Recent articles would make you think that Netflix will be extinct soon because of the many options that are coming into the market. Even if this is true, it will never be “Hulu and chill.” It isn’t “Disney Plus and Shrill.” It is #NetflixandChill because there Netflix identified an opportunity and became a leader in this video subscription space. Netflix created a category and lifestyle of both VOD and streaming TV on any device. This pastime has evolved from having the ability to choose movies to stream movies on demand to watching sitcom shows that they either revived with new content and storylines, re-run with a different viewer demographics, or developed from scratch. All of this creates a consumer who comes back for more.
Where will Netflix grow? Who knows, as they continue to surprise us, right down to winning Academy Awards, Golden Globes and Emmys too. We should all watch to see what is next as leaders stand the test of time by understanding the consumers’ needs in the ever-changing digital world.
Wouldn’t it be nice to buy the outfit from Netflix’s Queer Eye when your binge-watching? Or watching a full-length movie and see a sofa you just love?
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