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Netflix competition: Not a chill environment
Growing from a DVD rental/ selling service in 1997, Netflix today has become one of the leading companies in the online streaming market. Netflix has benefitted greatly from the increased range and depth of broadband internet. The global reach of Netflix and its competitors serve to increase rivalry. Gaming systems which now incorporate applications into their systems present new and growing opportunities and potential dangers for Netflix. The increased advertisements from gaming systems can help recruit more customers which is also an opportunity for competitors of Netflix.
Netflix, as one of the primary competitors in the online streaming industry, has grown primarily down to its range of unique original series as well as its range of content. It has however been met with a slew of competitors which each offer their own range of content and competitive prices. Target audiences have a range of options for their streaming needs due to niche focuses of specific websites.
The main competitor for Netflix is the Amazon Prime service, which with its Amazon Instant Video service provides a like for like product although with a different range of content. The digital age is seeing a growing market which serves to increase the potential customer base. If Netflix is to succeed in this changing and competitive market, it needs to diversify and expand its niche target audiences. It is not uncommon for customers to not fully utilize their subscriptions in respect to Amazon Prime and in this case, customers could potentially hold both a Netflix and an Amazon Prime subscription. These are not mutually exclusive and as each offers specific content; there are seemingly benefits from both service.