Prepared for Ryan T. | Delivered May 1, 2020
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To provide 2-3 insights into how Netflix has achieved success with its global expansion.
Netflix is known for its innovation. The
prioritizes creating "new ideas that prove useful” and re-conceptualizing issues to discover solutions to hard problems.”
The company also constantly
its innovative power. It believes that "
is crucial to innovate and to stay viable as a company."
According to the company's
chief talent officer
, Patty McCord, they "
a new way of working through incremental adaptation: trying new things, making mistakes, beginning again, and seeing good results.”
Some of the company's earliest innovation was
via mail when the company was still a DVD rental company, introducing "
and TV shows digitally," and "producing its
Netflix caused a major industry disruption in
when they decided to release a "show’s
online at once," causing people to "
Netflix realized early that it had a vast audience and as such, tried to cater to each consumer's needs based on their preferences. The company's first attempt at personalization was "a
personalized movie recommendation
system, which used Netflix members’ ratings to accurately predict choices for all members."
The company currently uses "
." They are a data-driven company extracting not only insights for views but also for making investments, especially for Netflix's original creations. Netflix uses analytics to
optimize its marketing
and deliver better products to consumers.
Adapt and Adopt
Netflix's founders "were courageous enough to steer the ship in a different direction than the industry," including making a sharp turn towards technology and new advancements. Their strategy has always been to "
adapt and adopt
The company realized early "the significance of technology trends sensing a switch in the consumer demands." They are quick to adopt "
without any delays," in fact, "using every technology up-gradation without a delay has played a big part in Netflix success."
The company has vast amounts of data "on the viewing habits of its
125 million subscribers
, from which movies and TV shows they liked or disliked to how long they watched an individual episode or how much they binged a new series." The results of this data was "a rich social system that influences the movies and shows members see."