Netflix has taken the entertainment world by storm for years now. Literally putting the beloved Blockbuster out of business, Netflix has since evolved its digital streaming platform into a movie lover’s dream. From nostalgic movies of the past to new releases and now original Netflix produced films, this company has pioneered TV and film. It’s only natural that Netflix gets a seat at the table when it comes to award shows.
In 2020, Netflix had 24 oscar nominations but only took home 2 awards. Laura Dern took home the Best Actress in a Supporting Role for “Marriage Story” and “American Factory won Best Documentary Feature. But don’t cry for Netflix just yet – they are still winning. “The Irishman” might not have won an award but it can arguably be the most talked about film since its release date in September 2019.
Cranking out more original content means less content that requires a license. Besides saving money and red tape, this strategy changes the business model that Netflix built its success on.
It is becoming harder than ever to compete with so many options people have at their fingertips with Amazon Prime Video, Disney+, Hulu, YouTube and more. Viewer data is the most important asset that Netflix owns as it is leveraging what they know about their viewers to produce successful original content. Displayed in the graph above, Netflix actually has consistently smaller libraries for the past few years. As they continue to focus on more original content, viewership continues to prove less is more. Closing out 2019, subscribers grew by 8.8 million surpassing forecasts (TechCrunch). With so much data pouring in, Netflix is making better decisions to understand engagement. From the moment a viewer logs on, data is being collected on every event including when pauses, rewinds, fast forwards, the time watched, what is being searched, how long it takes to complete a series and more (Neil Patel). The amount of data collected to craft the favorite shows and movies that viewers want to watch can be alarming to the viewer but they haven’t cancelled their subscriptions yet!
Netflix doesn’t need a gold statuette on it’s mantel to justify it’s domination. They are using their data to their best ability to captivate their viewers with original content they want to see. Giving your customers what they want, hmm…what a concept.