How Has Netflix Changed Over The Last 10 Years

In the past ten years the way we consume media has changed exponentially. This change has been brought about through the rise of the modern, high speed, easy access internet and companies whose business models are to bring content directly to your living room. Looking at case studies of two companies Netflix and Blockbuster allows for an easy understanding of how and why this industry has changed. At its peak Blockbuster Rentals employed 60,000 people and had more than 8000 stores worldwide in 2004. This was primarily the only way that we could consume movies after they had been released, other than directly purchasing them. During this time period the internet was still in its infancy and understanding how it would change our lives in so
Netflix was formed in California by its two founders, Reed Hastings and Marc Randolph. Netflix started by renting out DVDs through the mail and became the industry leader in this department. Other companies tried to copy Netflix’s business strategy, such as Blockbuster, however none managed to significantly dent Netflix’s market share. In 2007 Netflix introduced its video streaming service, a type of service that wasn’t too common at the time. However 2007 was a major year for technology. Facebook was reaching maturity, Youtube started to show signs of the giant it would become, and Apple released the first iPhone. Society was finally starting to see the internet as how we see it today. Netflix was first to market with cheap, easy to access online content, and it left it’s competitors behind. It was suddenly very simple for someone to watch content from almost anywhere, and people loved that. Having a Netflix subscription (or knowing someone who does #cheersforthepassword) has become almost a necessity. Netflix’s stock soared as more and more people signed up. People no longer needed to go down to their local Blockbuster to find that nights entertainment, it was all available instantly. Netflix ate away Blockbusters user base rapidly, to the point where they could not
The streaming service has taken the world by storm and last year posted a revenue of 8.83 billion USD. At it’s height Blockbuster reached 5.9 billion USD. Much like how Blockbuster was in the late 90’s, Netflix has become a cultural phenomenon. As previously mentioned it is almost a necessity to have access to a Netflix account. Netflix embraced the internet, unlike Blockbuster, and it has shown. Netflix has become part of the culture of the internet, as it highlights the internet's usefulness. Being able to easily watch a movie or TV series is a novelty for older generations and for younger ones, it has become what is to be expected. Millennials are used to being able to watch any show they want within a moments notice and see physically renting DVDs as archaic and too much effort for little reward. To many, Netflix is also a cheaper alternative, providing an endless range of entertainment for a set monthly price instead of per item. Netflix overtook the market by being cheaper and easier, traits that most all consumers desire. Because of this dominance Netflix has influenced our culture and society significantly. Terms like Netflix n chill have spiked in popularity, showing that like the term Google, Netflix has made it’s way into our everyday lives and language. Netflix has also popularised watching TV shows outside of TV channels. Binge watching is now a common term used to mean watching as much of one TV