Netflix Is Absolutely Crushing It and Isn't Showing Signs of Slowing
One of the fastest-growing companies of the past decade is Netflix. It has been expanding all over the world and adding original content to its library for the past couple of years. Netflix recently completed a major deal with 130 new markets in foreign countries, including South Korea, Russia and Japan. The deal gives Netflix a great deal of room for new growth, so there is currently no sign of slowing down for the company. Analysts don't expect Netflix to stop adding new titles or foreign markets to its repertoire any time soon, and viewers are becoming more comfortable with the higher prices the service is charging for streaming video.
What's Netflix's Secret?
The new original content added to the service is invariably the topic of discussion on news websites and social media for the days and weeks following every new release. For example, the recent agreement with Disney to create four new Marvel series has generated a lot of buzz over the past several months as Daredevil and Jessica Jones earned overwhelmingly positive reviews.
Not only does Netflix have a lot of compelling content that keeps subscribers glued to their screens, but it has even added new phrases to the popular lexicon. The term "binge-watching" wasn't a concept before Netflix came onto the scene, and the more recent "Netflix and Chill" social meme has been a topic of discussion for the last year or so.
The company has consistently released one hit show after another, and subscribers are steadily growing across the country and throughout the world. One exception to its explosive growth is the Chinese streaming market, where Netflix is currently banned. The communist country has a tight grip on Internet communication, and many Western websites like Facebook and Google are either banned or noncompetitive in China.
How Young People Are Making a Difference
One of the key demographics making Netflix such a huge success, of course, is the millennial generation, who are responsible for the "Netflix and Chill" text-messaging slang. Millennials are one of the most influential generations alive today, and they can have a big impact on a company. Most of these young people have grown up in a world of tech startups and streaming video, so they don't remember what the world was like before social media and text messaging apps.
These people are active and influential, so it's no surprise that 8 percent of millennials email a company when they have a question. It's an important bit of information because it gives companies a chance to take advantage of email as a method of customer relationship management. In fact, 27 percent of service leaders are testing or planning to implement email response management over the next 12 to 18 months. It offers an opportunity for businesses to connect with the young generation who will be defining the culture for the next 10 to 15 years.
Netflix is a good example of a company that has harnessed the power of customer engagement with respect to millennials, email response management and social media. With smartphone apps and social media notifications, email messages can be seamlessly integrated into the smartphone experience. Even if a young person never checks her email inbox, an email notification will still be sent to her smartphone, just like a Facebook or Twitter update. It gives companies a way to present their message to smartphone users without obtrusive advertisements, and it ensures that their messages aren't ignored by customers who might be using any app on their smartphone.
Another way Netflix has increased its viewership is by eliminating the outdated Microsoft Silverlight video plugin it once used for its desktop streaming app. The new app uses the universally compatible HTML protocol for video that works on any platform, including Android, iOS, Windows, Mac and Linux. Users can stream video to their devices and receive emails, text messages and Facebook updates all at the same time.
Many companies are adopting these practices in response to the dominance Netflix currently has in the marketplace. Just about every large Internet corporation now has a video streaming service with original content, and the result is that traditional TV networks are scrambling to catch up with the innovation. Netflix has even commissioned feature length films with limited theater releases, making them eligible for Oscar awards. The sky is currently the limit.