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How Netflix has changed the global entertainment industry
- Since 2016 when Netflix started its global expansion, it has transformed the worldwide entertainment industry, rewriting the playbook for TV, film, and live entertainment.
- Netflix has invested in international TV and film, with shows like South Korea's 'Squid Game' and France's 'Lupin' creating massive audiences worldwide.
- Through its 'Stranger Things' series and local content created to appeal to individual markets, Netflix now boasts more than 282 million global subscribers.
- It has diversified into sports and comedy and even dipped its toe into video game development.
- Cash-hungry rivals have returned to licensing their shows back to Netflix, which has strengthened its position further.
- However, Netflix now faces fresh challenges, including how to expand its audience base, compete for ad revenue, and capture younger viewers.
- The success of Netflix's games and advertising businesses will be key to sustaining its dominance in the streaming market.
- However, the ad-supported subscriber tier has yet to meet advertisers' demand, and some of its ambitious gaming plans have failed.
- Netflix is introducing new technologies to grow its ad revenue and using live events like boxing matches to increase ad sales.
- Competition is fierce from YouTube, Apple, Amazon, Disney, Warner Brothers, and Discovery in the battle for viewer's hearts, minds, and money.
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