Printed on Wed Sep 28 2022 8:01:57 PM

Netflix is ​​coming up with new strategy

International desk
World
Netflix
Since the onset of the Corona pandemic last year, a new sector has been added to the list of essential commodities. That sector of entertainment is completely dominated by video streaming platforms. And who doesn't know about the greatness of Netflix in video streaming. However, Netflix is ​​coming up with a new strategy.

From the beginning of the pandemic, the video streaming business has been in full swing. The number of Netflix subscribers continues to grow. Netflix's share price rose to 50 percent in the first half of 2020 amid an influx of new customers. The company also focuses on increasing its content collection by understanding the opportunities. Netflix was one of the most sought after companions in the world. But since the beginning of this year, the rate of customers turning away from Netflix as the trend of returning to normal life has started. Netflix has lost more than four million subscribers this year in the US and Canada markets. The same situation is in the Asian market. It also touched the stock market. As of July 21, Netflix's share price had fallen nearly 3 percent.

Netflix, which started its business by renting DVDs, is now one of the biggest entertainment brands in the world. The company alone has established that video streaming can be a lucrative business model. This time they are bringing a new dimension in the streaming business. Netflix recently announced that they will be bringing video games to customers within the next year. And for now, customers do not have to spend any extra money to play those games. Through this, Netflix is ​​going to enter the global gaming business.

Reed Hastings, the company's chief executive, said in an interview that even with gaming, Netflix's main focus will be on entertainment content. Analysts say that with gaming, Netflix is ​​actually trying to attract more customers around the world. And through these games there will be an attempt to attract viewers to the video content again. Gaming is being introduced for the same reason that Netflix is ​​building a combination of documentaries and other content, in addition to movies and original series. That means the company wants to create a huge cycle of content, where one department will play a role in creating loyal customers for another department.

Although the current crisis of Netflix has not yet intensified. Statistics firm Antenna says the rate at which other video streaming platforms lose subscribers after a month of use is not as high as in Netflix. Analyst Moffett Nathanson says Netflix also generates more revenue from subscribers than other video streaming platforms. On the other hand, the company is also ahead in terms of income from outside the United States and Canada. In other words, they are ahead of other competitors in the international arena. Even then, Netflix has started taking quick steps.

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