The Future Of Netflix: Can It Maintain Its Streaming Dominance?

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Written By Nathan Goldstein

Netflix is still the most significant streaming service despite losing 1 million users in 2022. As of 2024, it has 220 million subscribers, more than any other streaming service. Additionally, Netflix’s revenue is still growing.

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Competition from other Streaming services

Other streaming services like Amazon Prime, Disney+, and Hulu compete with Netflix. Which leaves Industry analysts wondering whether Netflix can maintain its top position.

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Disney’s combined services of Hulu and ESPN+ pose the most significant threat. This is followed closely by Amazon, which is introducing an advertising tier. Competitors are investing in original content and popular shows/movies, which may lure Netflix subscribers.

Subscriber Growth and Retention

Netflix’s subscriber count has grown from 21.5 million in 2011 to 238.4 million in 2024. Every year, there has been a consistent increase in users. However, in Q1 of 2022, it lost 200,000 subscribers, followed by another 1 million subscribers in Q2.

The loss was due to various reasons, such as inflation, piracy, and the easing of lockdown restrictions. This caused a significant drop in Netflix’s stock but bounced back in June 2023, gaining 15%.

One primary reason for the revenue drop was password sharing. Netflix estimated that over 100 million households accessed its service through password sharing.

Despite this, Netflix’s churn rate has remained low, at about 2.3% to 2.4% in the last two years. Netflix continues to optimise its content to keep its subscribers engaged and satisfied.

Market Saturation

Due to increasing competition from rivals, Netflix faces challenges in the European, US and UK markets. To tackle this issue, Netflix plans to invest $2.5 billion in Korean content over the next four years.

This investment includes a range of TV series, films, and nonfiction shows. Netflix will double the number of non-fiction shows it produces, from about four in 2022 to at least eight this year. The increase is due to Korean audiences’ high demand for variety shows. 

Some popular Korean series on Netflix include Physical 100, Hellbound, and Squid Game. To drive growth, Netflix may need to focus on upselling its existing subscribers to higher-tier plans or increasing prices.

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Global Expansion

Due to cultural differences and language barriers, Netflix has struggled to distribute its content in Southeast Asia. However, the company is investing heavily in localisation through subtitles and dubbing. This helps remove language as an entry barrier, giving Netflix an advantage over its competitors, who have yet to offer the same level of dubbing. 

In 2022, Netflix had already achieved high penetration rates in the US. This meant only a few potential subscribers were left untapped in this market which limited its growth potential.

Therefore, investing in Korea is a wise investment for Netflix to dominate the streaming industry further. The region’s large population provides Netflix a significant convenience to reach new subscribers.

Netflix To Remain Dominant

Netflix faces fierce competition and could leverage emerging technologies like VR or AR. This would offer a unique and immersive experience for its users. By implementing a gap in the market, Netflix could surpass their competitors.

This could include virtual watch parties, where users can enjoy shows together in a virtual environment. In addition, Netflix should focus on expanding its content library to reach a broader audience.

Netflix For Investors

Netflix (NFLX) is considered a lucrative stock as its earnings depend on the company’s ability to attract and retain subscribers, invest in compelling content, and expand its global footprint.

Credits: DepositPhotos

The company’s dominant position in the global entertainment industry plays a crucial role in its performance and has a significant impact on the earnings of its investors. Considering all these factors, there is a potential for growth in the stock. According to forecasts, Netflix’s strategic decisions will continue to drive its success and profitability.

Final Words

In conclusion, as we know Netflix as a stock is only lucrative because of their subscribers. Netflix has the potential to continue dominating the streaming industry and increase its subscribers. Its investment in Korea can help it maintain its position as the top streaming platform.

This is due to its innovative approach to ‘dubbing’ and the variety it offers its users. Furthermore, password sharing among Netflix subscribers, which over 100 million people use, suggests the platform is viral. If password sharing were not allowed, Netflix’s competitors would not be as close in rivalry as they are now. 

However, given the intense competition from other streaming platforms, Netflix must continue to provide innovative strategies to keep its users engaged and maintain its dominant position in the market.

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