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Netflix: Consumer Behavior
Transcript of Netflix: Consumer Behavior
Tolu Oladejo Founded in 1997 by current CEO, Reed Hastings and his partner, Mark Rendall In 2007, Netflix introduced online streaming First DVD rental company to charge a flat fee with no late fees and no return date Netflix is the world's leading internet television network More than 33 million members in 40 countries Unlimited streaming for one low monthly price Objectives Managerial recommendations How consumers use Netflix Where consumers use the service When service is likely to be used Why consumers choose to use Netflix Top 2 competitors and their services Conclusion of critical analysis How consumers use Netflix Preferred means of watching tv shows, movies and documentaries Customers able to watch content through a wide variety of electronics Computers/Laptops Smart phones Internet TVs Tablets Gaming Consoles Where consumers use Netflix Home Anywhere with a Wifi connection Commuting When consumers use Netflix Average respondents spend about 2-8 hours per week on Netflix Huffington Post reports that subscribers spent more than 1 billion hours viewing content on Netflix. Netflix collects data by viewing 30 million “plays” daily from approximately 60 million subscribers. Netflix offers customization viewing based on previously watched shows and movies. Why Netflix Top 2 Competitors Hulu Plus Amazon Prime Value Convenience Selection Easy way for customers to watch content with optimal experience Easy to navigate and utilize membership cost is $79 per year offers free 2 day shipping membership can be shared with 4 other people streaming service is only available to U.S customers monthly membership fee is $7.99 HULU Plus does not offer many choices with regards to titles and genres Conclusion Managerial Recommendations Moving towards an online streaming business model Quality and the quantity of content More subscribers joining Netflix Parental controls Interactive channel More foreign titles Advertisements with 5 sec skip option Video Game Renting Who are the consumers of Netflix