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Since Netflix began its global expansion in 2016, the streaming service has rewritten the script of entertainment around the world — from TV to movies and, most recently, video games.
Hollywood has exported most of the global hits and movies in the past. Now, thanks to Netflix’s investments in international TV and film, shows like South Korea’s “The Squid Game,” Spain’s “The Big Money Heist” and France’s “Lupin” are attracting massive audiences around the world. And its English-language originals, like Shonda Rimes’ “Bridgeton,” Ryan Murphy’s “Dahmer” and Tim Burton’s “Wednesday,” keep breaking Netflix’s internal streaming ratings Record.
But the streamer is in for a reality check, the epitome of which is Quarterly subscriber churn for first time in a decade, Hundreds of layoffs in 2022share price halving and how employees feel Netflix’s famous corporate culture has deteriorated some. The crunch has prompted the company to look more closely at new avenues for revenue and user gains, such as an ad-supported version of the platform — which it had long dismissed — and an impending crackdown on password sharing.
Still, Netflix’s impact on the global television industry is undeniable.
How Netflix is disrupting the global TV industry
The anchor found that to thrive on the international stage, it needed both American mass-market shows like “Stranger Things” and local content This can win over audiences in specific markets (and generate breakout hits).
The strategy helped the streaming service expand its customer base to 214 million paying subscribers worldwide as of September.
Its momentum has also revived production in places like Germany, Mexico and India, as companies like Amazon, Disney, WarnerMedia and Apple emulate Netflix.
More on Netflix’s impact on global television:
Streamer’s executive team rebuilds with global focus
In recent years, Netflix reposition its leadership around its new global model.
Streaming company co-founded by tech entrepreneurs reed hastingsPromoted to Head of Content Ted Sarandos As Co-CEO in 2020, he strengthened the position of content within the organization.
at the same time, Bella BajariaPreviously in charge of international non-English TV, took over overall TV business, Head of Product Greg Peters Taking on additional responsibilities as COO, including simplifying how global teams work together.peters too Hired a new head of talent with international experienceFormer PepsiCo executive Sergio Ezama will lead Netflix’s global workforce.
The company also established a An elite team of 23 interdisciplinary executives Help make the biggest decisions. The team is known internally as “Lstaff” — the “L” stands for leadership — between corporate executives and the larger executive team at the vice president level and above, known as “Estaff.”
Netflix hired Snap executives Jeremy Gorman and Peter Naylor in August after announcing in the spring that it would explore introducing a cheaper ad-supported tier to help counter slowing subscriber growth. Leading its new ad sales business.
Shifting the focus to the ad space means Peters has a higher profile, and he keeps a low profile, but presumably contender for chief executiveshould Hastings and Sarandos consider succession planning.
For more information on Netflix’s corporate structure:
Netflix makes its first mass layoffs, but continues to grow
Corporate restructuring is not without its hurdles.Company in April 25 full-time employees were laid off in its marketing department, which included firing some of the writers it recently launched fan site Tudumfollowed by Another 150 layoffs in May and eliminate 30 animation jobs in September.This year’s layoffs affect at least 450 full-time Netflix employees and dozens of contractors as The broader media and entertainment sector is dealing with a bear market.
Still, the company’s growth has generally made it a great place to work in recent years, despite some tests its corporate culture.Netflix, which says it pays workers “market value,” has already paid $1,000,000, according to public U.S. work visa data. Offers a six-figure annual base salary for many roles projectcontent, marketing, finance, and more.
More on Netflix’s business model and corporate culture:
Netflix’s next frontiers include ads and games
Netflix is facing more competition than ever, from legions of rivals who are learning to play its game.
Almost every major media company, from Disney to Apple to Warner Bros. Discovery, now operates a streaming service. Filled with a platform full of anchor movies and TV shows that used to only be available in theaters or on linear TV, their library now rivals that of Netflix, especially since they’re taking back shows they previously licensed to Netflix.
Competition is driving the streaming giant forward.
Netflix has branched out into podcasts and started touting merchandise for shows like “Squid Game” and “The Witcher.”
New ad layer for streamers Available in the US in November $6.99 per montha substantial discount from its ad-free standard tier of $15.49 per month.
Some TV writers were disappointed by the switch to advertising, Creators worry Netflix will take fewer programming risks To please advertisers.
The company is also bringing video games to its mobile streaming app.
it Entry in July 2021 Mike Verdu, the former head of Facebook’s Reality Labs, served as its vice president of game development and has been Hiring for Other Video Game-Related Jobs.
The streamer plans to treat games like movies and TV shows. It started slowly by commissioning and licensing mobile games, some of which were based on existing franchises like “Stranger Things.” It plans to experiment with other types of video game storytelling, as it did with its original series.
In May, it plans to release a game and animated series based on the same franchise, the “Exploding Kittens” card game, which will be the first title for the platform.
“Maybe one day we’ll see a game spawn into a movie or series,” operations and product chief Peters told investors in July. “That would be an amazing place to really see the rich interplay between these different forms of entertainment.”
More on Netflix’s advertising and gaming ambitions:
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