Overview of The Company

Company Name- Netflix

Year of Establishment and Place- 1997 by Reed Hastings and Marc Randolph in
Scotts Valley, California, USA
Service- World's leading entertainment services with 214 million paid
memberships in over 190 countries
Mission Statement- We Want to Entertain the World.
Net Worth- $271.58B
Netflix is an American subscription streaming service and production company
which offers a wide variety of movies, TV shows, documentaries and more. In
2013, Netflix first original series made its debut when the company had 30 million
(mostly USA) subscribers. It is number one streaming service all over the world
along with many competitors like Apple, HBO, Amazon Prime, Disney and so
more. Presently, they are developing a growing number of non-English language
originals from places such as Mexico, France, Italy, Japan, Brazil and India to name
just a few. With this global distribution, Netflix is well positioned to bring
engaging stories from many cultures to people around the world.
In Covid-19 how the Company Netflix Responded
• The first quarter of 2020 was the most successful in Netflix's history, with 16
million new subscribers, and the company's growth continued in the fourth
quarter.
• While productions were largely stopped around the world, Netflix took
advantage from those content it was full and ready for launch or post-production
when shooting has stopped. They released those movies or series on their service.
• Consistent stream of new originals gave was a great opportunity for Netflix than
any other streaming service. As Netflix releases full season of shows that are
available at once so Netflix did not have to worry about filming more episodes
during lockdown.
• Netflix established a $100 million relief fund, which contains $15 million for
donations to organizations already working to support out-of-work production
employees.
• Instagram and Netflix had announced their partnership after the Covid-19
outbreak that stars from some of Netflix’s most popular shows will talk about
mental health and self-care among young adult viewers through Instagram
contents in the face of pandemic.
• From all over the world, Netflix has produced content from such as Hollywood,
Bollywood, Hallyuwood, etc. To capture viewers from all the regions, languages.
Netflix response to stakeholders (Internal/External)
For Internal Stakeholders- Netflix has almost 12,135 employees. During the
pandemic it has worked to keep talent happy and supported during the Covid-19
lockdown, agreed to pay them.
• The company in February 2021 enlarged its hardship fund for film and television
industry workers to $150 million for creatives who were unable to work under
Covid-19 circumstances.
• To work with more boost Netflix said it will spend $100 million over five years to
building a more wide-ranging content pipeline, including female directors and
creators.
• They have encouraged employees with independent decision-making, to be
more productive and creative to solve problem during the pandemic. Netflix
company tried to inspire the employees to focus on their dream.
For External Stakeholders- Nowadays, Netflix is trying to reach all over the globe.
They are providing their services even at the corner of the world. Netflix seeks to
maintain positive relationships between communities with its 193 million
subscribers worldwide.
• Customer Obsession-Being a customer centric company, Netflix gives top
priority to customer experience and prefers to share customer feedback widely.
Gather actionable information from customer feedback and apply it to script /
content design.
• Personalization- Netflix focuses on personalizing the customer experience to
keep its users happy and engaged. By effectively monitoring their viewing records
and collecting data across all touchpoints, Netflix uses a system to recommend its
customers shows/movies as per their past selections and browsing history. Even
in an offline mode audience, they can watch on-demand content on any device.
• Customer Care- In past years, Netflix hired employees to work for their
customer service.
• Supporting Communities- In the wake of George Floyd’s death, Netflix took new
ways to extend its economic impact to underserved communities.
• Promoting Sustainability- Netflix has partnered with different partners to
promote sustainability through their documents, movies, series.
4. How dealing with Pandemic and Their Announcements
In this pandemic, Netflix got all over 16 million new users created accounts in the
first three months of the year 2020. In the US, a predictable 204 million hours
were communally streamed during the first major coronavirus lockdown in 2020.
To prepare for 2022, Netflix is aiming to add 6,000 financial contributions from
readers by December 31 and so more. Moreover, during this pandemic Netflix
gave several announcements to boost their business.
• Netflix has created long-term success by effectively seizing the content
obsessed audience
• Netflix was quick to respond to public demand for information about COVID-19
with the Vox series “Coronavirus, Explained.”
• By promoting mental health and self-care Netflix has gained lots of popularity
moreover documentaries about pandemic were a hit
• Region based content helped to attract more and more subscribers also Netflix
subscribers can watch the movies or series in offline too so it was different than
other streaming services.
• To get more closure Netflix offering India and more other countries subscription
fees in a low rate to get connect with more people.
5.Recommendation
To be more successful in the business Netflix can look through more in their
internal stakeholders by taking some of these steps-
• Equitable Pay
• Building diverse networks from different regions
• Collaborating with more technology partners
• Protecting Employees during any problem like Pandemic
Other things that Netflix can look out-
• Netflix can go for more region-based content so it will attract the target
regional country and its neighborhood countries.
• On going anarchy around the world-based content can attract more and
more viewers.
• An option can be included in the Netflix watching site regarding feedback
about the service.
• Collaboration with like PlayStation for playing games could be an advantage
for both users and the company.
• Can go for pay-by-view model for some selective contents.
Conclusion
Netflix is a company that has taken entertainment to another level with its
cooperative, up-to-date, and user-friendly platform. The range characterizing its
offerings has made it the sought-after video provider not only in the U.S however
beyond the borders of its mother nation with total 209.18 million subscribers.
Netflix’s mission statement emphasizes the outcomes the company can deal with
all its stakeholders, including its customers. Netflix is also a company that
considers its core values as authoritative components to the overall progress of its
business model. Ideally, they are the fundamental believes that help a company
to stay within the path that it considers right in the achievement of its goals. With
its values which include honesty, judgment, invention, selflessness, and
communication, Netflix maintains to preserve its top reputation in line with what
its mission and vision statements envision.