Check out the stats where 467 Million people who streamed videos on the video streaming platform were about 1.5 Billion. Netflix is about to hit an annual profit of about $558.9 million where its net worth has skyrocketed from $1.4 billion to an estimation of 3.7 billion.
How to Start a Website Like Netflix
Check out the stats where 467 Million people who streamed videos on the video streaming platform were about 1.5 Billion. Netflix is about to hit an annual profit of about $558.9 million where its net worth has skyrocketed from $1.4 billion to an estimation of 3.7 billion. Whereas the Hotstar’s video streaming platform which has around 7 lakh paid subscribers with its net worth is $265 million.
Netflix’s Business Model For A Grand Success
Subscription Business Model – The digital assets are the secret behind Netflix’s business model. Netflix follows a subscription-based video-on-demand model for generating revenue. The simple three subscription plans (basic, standard, and premium) propel it’s value to multi-billion dollar revenue. Establishing Novel content, TV Programs and In-house shows seek better demand among the viewers.
The cross-platform video delivery across multiple devices & operating systems is the major strategy for maximizing fan base. This is what made Netflix’s accessibility to a billion users.
Though there is plenty of video-on-demand service providers in the market accessibility of the content from any device (whether may it be a browser, Smart TV, tablet, mobile browser & mobile application) creates a difference.
Exclusive programs, award-winning shows, and some reality shows encourage users to subscribe to Netflix. Apart from the third party publishers, Netflix encourages in offering a master of none and some in-house shows which you can’t find on any video on demand platform. This native content adds credibility to Netflix’s growth.
Though Ads are another source for generating revenue for Netflix. A complete Ad-free feature lets users and independent publishers browse content, this includes a premium subscription.
So, with these ideal business models, Netflix generates a good number of profit. Coming back to the scenario of building a video streaming website like Netflix is no more impractical.
Utmost Customer Experience
Netflix provides multiple customer services that enable its customers to reach them instantly and get a response in a short time. Netflix customer services focus completely across platforms and mediums like Email, Live chats, Social media, and telephony.
One Platform, The Entire Globe
Netflix is available in more than 190 countries and broadcast content in more than 20 global languages. No matter where you are, you can access Netflix irrespective of language and devices, it’s one of the widespread OTT platforms in the market. The global expansion of its content is the greatest success of Netflix.
Pricing Fact Matters
Netflix follows a low-price and high-revenue philosophy. Netflix turned out to be an affordable streaming platform that ensures the entire family to enjoy the taste of every streaming content. Their strategy is to maintain the price of a single package as much as low in result creates a huge volume of subscribers.
Source: make website like netflix