Netflix has had a lot of success in online streaming since its launch in 2007. With the calibre of movies and TV series choices, it has gone a long way and even won several accolades in the past few years.
With over 195 million subscribers, will Netflix still champion the online entertainment streaming industry for the next years to come?
How Much is Netflix’s Current Net Profit?
According to Forbes, Netflix has had a steady and profitable business for years now with net profits folding 3x from 2017 to 2019 and is expected to still rise in the coming years. If you are planning to start a production company to cater to online streaming sites like Netflix, now is the time to do so. Online streaming platforms have surely been the new age cinema and tv for the couch potatoes right now.
The onset of the Coronavirus pandemic has resulted in the spike for Netflix’s performance since the start of 2nd Q’2020 with more than 2.2 million additional subscribers just for Q3’2020. Stay at home orders have largely influenced this number but the release of Pfizer’s COVID-19 vaccine may slow down the swarming of paid subscriptions. Nevertheless, Netflix’s growth is outstanding when compared to its competitions like Disney, Apple, HBO Max, etc.
What Is Netflix’s Strategy For Getting More Subscribers?
You can expect that Netflix will still be there and getting more viewership and subscriptions for years to come as it continually delivers original content for subscribers to engross on and revel. Netflix’s push for original content is what draws its subscribers into it especially in an era where almost everything is consumed online.
A recent survey done by the investment bank Cowen revealed that 61% of the respondents subscribe to internet television networks because of Netflix’s throng of original movies and tv series. This has also paved the way for aspiring production outfits that have incredible stories and plots to tell but are often neglected by movie moguls and broadcasting studios.
The Future Ahead For Netflix
However, Netflix has to always be on the lookout for newcomers like HBO Max. The cable tv broadcasting turned to online streaming just this spring of 2020 and is currently having a close fight with Netflix subscribers. This is because HBO Max, though having a far higher price tag than Netflix, has opened its 2021 movie catalogue to potential subscribers and everyone is gasping about it. With Godzilla Vs Kong, Space Jam, Matrix 4 and even another Harry Potter series on its way, subscribers are willing to pay a few dollars more to see these iconic characters come to life again.
Netflix has undoubtedly changed the landscape of movie viewing and tv bringing amazing and entertaining stories closer to home. The pandemic has boosted its already massive subscribing community but sooner or later that highway where Netflix is currently smoothly riding will get crowded with more online streaming platforms. Netflix has to recognize that they will not be always the new kid on the block and has to up their game. But the good news is more production studios that have not been given a shot before could suddenly be shined on by the Hollywood limelight.