Netflix - Case And Summary - Essay

1231 words - 5 pages

Netflix Case Writeup

In 1997, two software engineers, Reed Hastings, and Marc Rudolph, founded a DVD-by-mail company by the name 'Of Netflix' in anticipation of the possible distribution of videos over internet. Over the years, it has developed to become one a kind of e-commerce business model, focusing mainly on the consumer's needs and experience. Today, Netflix has revolutionized the television industry as the world's largest subscription service company that has more than 12 million subscribers with the option to watch unlimited movies and tv shows online. It is exceptionally obvious that Netflix has made enormous progress throughout the decade with great advancement and disturbance, regardless of the possibility that it was at the cost of cannibalization of its current business. In the initial years, Netflix had to face tough competition with Blockbuster, which was then, a leader in the home video market with a 27% market share in the united states.

On one side, where Blockbuster made millions of revenue from charging late fees to its customer, Netflix had no return deadline and didn't charge its customer any late fees. In 2000, Netflix came up with an innovative idea of providing users with movie recommendations based on the reviewer's ratings. With the increasing number of customers, there was a huge amount of user data that was an asset, and to utilize it, Netflix developed sophisticated algorithms and hired more people to continuously improve the recommendation engine. In the same year, after being declined a partnership with Blockbuster, Netflix made a partnership deal with Best Buy. For further expansion, Netflix even filed for an IPO in 2002. It also expanded its DVD library with over 70000 titles by 2006 with nearly one billion dollars in revenue and a net income of $49 million.
In 2007, Netflix shifted to the digital distribution of video content with the launch of its instant viewing digital streaming service, which was made accessible to all Netflix subscribers at no additional cost. A major factor that enhanced the adoption of online streaming was customer access to high-speed broadband. By 2010 Netflix turned into a primarily streaming company that also offered DVDs by mail.

In 2011 Netflix announced that it would part out and rebrand its DVD-by-mail service asQwikster. The decision to split the services was widely criticized; it was noted that the two websites would have been autonomous from each other and would have required separate user accounts and subscriptions. CEO Reed Hastings justified the decision, stating streaming and DVD by mail are becoming two quite different businesses with different structures and benefits. Netflix stocks dropped steeply from $300 per share to $110 per share. As a result, Hastings had to quickly withdraw and kill Qwickster just weeks after it was announced.
To further grow its streaming service, Netflix sought to develop its own setup box but later decided to seek distribution w...

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