Netflix My Choice

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  • Netflix Introduces “My Choice”

    Value Proposition:

    Netflix is a subscription streaming service located in Los Gatos, CA. They currently employ over 15.000 full-time employees (Ruby, 2022). Netflix provides its members with the ability to access and watch TV, movies, original series, and documentaries on any device with an internet connection. They also offer their members the ability to play various games Netflix gives its members access to entertainment anytime anywhere, uninterrupted (Mergent, nd).

    Profitability:

    For the first time since 2011, Netflix lost over 1100 viewers due to current economic and political factors. However, they are still showing a net income of 1.4B for 3rd quarter and are rebounding with increased subscriptions (Mergent, nd).

    SWOT Analysis:

    The main strengths of Netflix that can be leveraged with the new product are its strong business model, brand recognition, and effective marketing (Mergent, nd). Netflix is the preferred streaming platform for 47% of Americans (Ruby, 202), which is why consumers' willingness to pay will be greater. 

Service Singularity:
The new service that Netflix will create is a member option called “My Choice”. This membership will provide the member with the ability to choose their content. Much like a library, the member will choose the titles and content that they want to stream, and Netflix will deliver only that content to the member. 

New Service Projections:
Netflix is all about improving the customer’s experience and aims to be the first choice in entertainment. By creating the “my choice” option within their subscriptions, Netflix is giving consumers what they want. The ability to stream only the content that they prefer, and from the platform that they trust (Deggens, 2022).  This could do away with the customers needing three or four different platforms.  It will simplify their lives at a cost they can afford.  If Netflix increased its monthly membership fee by $5, that would bring an increased gross revenue of over 365M. just in the US. This is based on Netflix's current subscriber count of 73 million US subscribers (Netflix, 2022).

References:
Deggans, Eric. “What Do Users Want from Their TV Streaming.” What Do Users Want from Their TV Streaming? A New NPR/Ipsos Poll Has Some Answers, 28 Oct. 2022, https://secure.newsedge.com/neif/story/498.story/tBndiNHdQaHDuWDEd9P2utblCn2jlEf4KOJ8g9JnF7oCe8CLR2QoSIBhKlTUq41D_lpdxKpI-kxNdmAWVXrgTzzKdYsmHDr87Iv-cozGJL5z5ybM9xAjK3XJ2bW5WjVK6IKWlr5VBkztenJmpCUfog**

Link to Netflix shareholder letter:

    Click to access FINAL-Q3-22-Shareholder-Letter.pdf
    
    
“Netflix.” Wikipedia, Wikimedia Foundation, 29 Oct. 2022, https://en.wikipedia.org/wiki/Netflix. 

Ruby, Daniel, and About The Author Daniel Ruby Content writer with 10+ years of experience. I write across a range of subjects. “Netflix Subscribers 2022 - How Many Subscribers Does Netflix Have?” Demandsage, 20 Oct. 2022, https://www.demandsage.com/netflix-subscribers/#:~:text=Netflix%20subscriber%20count%20as%20of%202022%20is%20223.09%20million.&text=Netflix%20made%20%2429.698%20billion%20in%20revenue%20in%202021.
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