There has been a lot of publicity about Netflix losing large numbers of their subscribers earlier this year. Therefore, the streaming giant is now doing everything it can to prevent people from cancelling their subscriptions. One such feature that is designed for that purpose is called “Latest.” This is a section in the Netflix app that will highlight all of the latest releases. The company feels that it needs to do a better job of shining a light on all of the new shows and movies that will be appearing on the streaming service in the coming weeks and months.
An algorithm will be used by Netflix in the “Latest” section so that the person sees shows and movies that he or she will have a better chance of being interested in. For example, if the person has a history of watching action shows and movies, future action releases will be highlighted. It is by using this strategy that Netflix hopes that people will be persuaded to hang around and keep paying for the service. They need to keep making these types of innovations because the streaming market is going to be getting very crowded over the next year. The days of Netflix basically having the streaming market to themselves are gone forever.
Netflix has been spending literally billions of dollars on original content every year. They are now feeling the pressure from huge companies like Time-Warner and Disney, both of which will be entering the streaming market very soon. Netflix lost customers in the United States for the first time in eight years. This set off alarm bells all over the company and told executives that things had to change very soon. Therefore, creating features like “Latest” are needed to let subscribers know what is available for them to watch.
Netflix still has a huge lead on all of their competitors around the world. However, people are now going to need to look very closely at how much money they are paying for streaming services in the future. There will now be more options available than ever before and it will be too expensive for most people to subscribe to every streaming service. Netflix will need to focus on high quality content and make sure their prices are competitive with the other streaming services that are available. They are in for a very tough fight. The battle has just begun.
Dil Bole Oberoi
