How Netflix is Changing the Global Entertainment Industry

Thanks to its investments in international television and film, the streaming platform Netflix has gained a large number of viewers worldwide and global popularity. Indeed, series and films were once mass-produced in Hollywood and exported abroad, but Netflix has changed this by investing in production in Spain, India, Brazil, and Korea.

Netflix believes that for success in the international arena, planned projects for the mass market, such as the series 'Stranger Things', as well as local content like the series 'Lupin', 'Money Heist', and 'Sacred Games' that attracted viewers in specific markets, are necessary. This strategy has helped Netflix increase its user base to 209 million subscribers in June of this year.

Changes in Leadership

The production of television and film content is also strengthening in Germany, Mexico, and India, as companies like Disney, Warner Media, Apple, and Amazon follow Netflix’s example.

For its new global business model, Netflix had to adapt its leadership. Thus, Netflix co-founder Reed Hastings promoted content chief Ted Sarandos to co-CEO in 2020, further increasing the importance of content within the company. Meanwhile, Bela Bajaria, who was responsible for international non-English television, took over the entire TV business, and product chief Greg Peters took on additional duties as chief executive officer. The company has also formed an elite team of 23 interdisciplinary executive directors who make important decisions.

Podcasts and Video Games

Despite its success, Netflix faces the greatest competition it has ever encountered. Almost every major media company, from Disney to Warner Media, now has a streaming service. Their platforms offer films and TV series that could once only be viewed on television or in cinemas, and their portfolios now compete with Netflix’s. However, this intense competition drives Netflix to further development.

Netflix has recently expanded its business into podcasting, and in July, they confirmed plans to offer video games on their subscription service. They have hired Mike Verdu, former head of Facebook Reality Labs, as their vice president of game development, and are currently hiring new employees for video game-related positions. They plan to base their video games on themes from their films and TV series such as 'Stranger Things' and 'Bridgerton'.

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