Why You'll Happily Keep Giving Netflix Your Lunch Money...
Raise your hand if you have a Netflix account?
Raise your hand if you watch that bad boy at least once a week?
How about 2-3 times a week? Every day? ("It's my cable, Tennile")
Okay, okay, last one, raise your hand if you'll happily keep giving Netflix your lunch money?
Have you ever thought to yourself, why? Rhetorical question.
Well, I have...because addictive things are fascinating to me.
Alongside, people watching and what compels us to pay for a monthly service on autopilot. 55 percent of respondents said they would pay the max price of $11.99. While 11 percent will fork over any amount and scream, "Take my money!".
Online streaming services are the wave of the future, but most importantly, here's how you can steal Netflix’s winning formula to produce & curate addictive content for your business.
1) They House Original Content
Actually, a whopping 85% of new spending goes to original programming.
Praytell? In order to cut down on licensing cost. This is their long term strategy by not having to outsource content creation, Netflix produces its movies and shows in-house.
Remember Bird Box (the viral hit) and Roma (10 nominations for the 91st Academy Awards)? They're thinking looong game. Eventually, they will consider outsourcing their best-selling original projects to up-and-coming streaming services.
If you've seen exclusive production deals with the brilliant minds of Shonda Rhimes, Ava Duvernay, Ryan Murphy and the Obamas this is all a part of their masterplan to keep eyeballs and pockets with them.
Disney is just starting to catch on and follow suit with their own streaming service, which will launch November 2019. Why do you think they recently acquired Hulu?!…
I also read they plan to pull all existing content off of Netflix as well but we’ll see how everything unfolds.
💡Think about the YouTube stars that have now gone on to have Featured content on Facebook Watch or landed their own scripted TV show. They started with in-house content.
2) They Share Other People's Content
Netflix strikes exclusive contracts with comedians (like Chris Rock and Amy Schumer) and musical artists (like Lady Gaga and Beyoncé) —this has become the bedrock of special project deals.
As Netflix subscribers, we get first look and access to our favourite celebrity work at our fingertips. The content creator gets access to Netflix's enormous audience and, in return, Netflix gets exclusive licensing to these special projects.
💡Think about the go-to brands that are on the pulse of what’s happening in the industry. They share reputable sources of content.
3) They Interact with Their Users
Netflix does more than ask, "Are you still watching?" these days.
As a big fan of choose-your-own-adventure novel series, since grade school. Bandersnatch was an epic addition to Netflix's addictive content roster. Or for the kiddies, Puss and Boots: Trapped in an Epic Tale. From a series of choices presented, it allows us to control what happens next by the click of a button on the remote.
I predict they'll double down on interactive content over time, as it's a surefire way to keep people on Netflix longer and multiply subscriptions.
💡Think about the websites that engage with you via a quiz or an online poll. They do this so they can personalize content shared with you.
4) They Keep You Hooked via Binge-Worthy Content
We touched on this briefly in the previous points but it's worth highlighting again.
Netflix is striking deals with noteworthy content creators to produce TV series and/or multiple projects at a time. By their very nature, they've set up a binge-watching culture "Netflix and Chill."
ARE YOU NOT ENTERTAINED?!
Every month they set new release dates and remove "old content" from the platform —keeping things fresh and interesting. There are upcoming shows/movies for us to anticipate or miss out on if we're not tuned in.
💡Think about how you can represent your audience in the content in a more deeper and genuine way. Keeping their interest at the forefront. Always keep a launching strategy in the chamber.