Netflix has quickly become one of the most popular streaming services in the world. Available in 190 countries, made more than 1500 original series. Netflix has completely altered the Entertainment Industry worldwide.
Netflix’s popularity has had a major impact on the entertainment industry. It has forced traditional TV networks to adapt and compete with Netflix by offering their own streaming services. Networks such as HBO, CBS, and NBC, have all launched their own streaming platforms in an effort to keep up with Netflix. Not only TV Networks, but Amazon too has joined the streaming services arena.
The streamer figured out that to thrive on an international stage it needed both US mass-market programming like “Stranger Things,” as well as local content that could win over viewers in specific markets (and produce breakout hits).
The strategy helped the streaming service grow its customer base to 214 million global paid subscribers, as of September.
Netflix’s rapid momentum also reinvigorated production in places like Germany, Mexico, and India, as companies like Amazon, Disney, Warner Media, and Apple follow Netflix’s lead.
Netflix has completely obliterated the way we used to consume content earlier. We are now able to watch TV shows, Original series of streaming platforms and movies whenever we want, without having to wait for them to air on TV. This has led to a decline in traditional TV viewership. In fact, according to a study by Nielsen, traditional TV viewership declined by 14 percent in 2022.
The study also found that Netflix users are more likely to binge-watch TV shows and movies than those who don’t use the platform. Binge-watching has become so popular that it has even gotten its own term: “Netflixing.”
Netflix is also changing the way content is produced. Since Netflix doesn’t have to rely on advertisers, it can afford to produce original series, tele-novelas, shows etc. that isn’t necessarily mainstream. This has led to a rise in niche programming, such as sci-fi and horror shows.
The future of Netflix is might seem uncertain in view of recent subscriber switch offs, but its mega impact on the entertainment industry is undeniable. Netflix has changed the way we watch TV, consume content, and produce content. It has revolutionized the entertainment industry and there is no telling what it will do next.
