Video streaming and Netflix are all but synonymous in this day and age. While Netflix started as a video on demand service, they have now morphed into a media giant. Not only do they host an immense video library, but they have also begun producing their own movies and shows. What this effectively amounts to is Netflix cornering a very valuable market. Adding to this “cool” factor is the adoption of Netflix as a verb (see Urban dictionary for details). However you paint it, Netflix is trailblazing a path in the video streaming market.
Although it is not uncommon that users will share passwords (somewhere in the range of 20% of users share accounts), Netflix continues to increase its revenue stream. With a one month free trial to entice users, Netflix follows this up with three membership options: Basic, Standard, or the Premium plan. All of these options are available in over 180 countries, a testament to their rapid expansion.
Yet while Netflix is the top dog with 57 million worldwide subscribers, the competition is stacking up. Other video subscription titans like Hulu and Amazon’s Prime Video Services share a wide swath of the market. Furthermore, there is a whole host of smaller SVOD companies that are beginning to chip away at the dominance that Netflix has a grasp on. To be fair, however, most competitors still have a steep mountain top climb if they want to truly compete.
Essentially, Netflix continues to shape the future of video and streaming. It is not simply the sheer number of videos they offer, but also the level of personalization as well. Netflix dedicates itself to creating a product that caters to the desires of its customers, thus helping to ensure a quality experience. Thus, its rest assured that Netflix will remain a household name for years to come.