Did you know Netflix is competing not with HBO or Disney but with newer forms of entertainment like Fortnite or Google YouTube?
We all have known Netflix for a long time. It is a streaming service provider who lets you watch the award-winning series, movies, shows and much more. Netflix has ~139 million paying members whereas Fortnite has ~200 million registered users. Today both HBO & Netflix are vying for TV subscribers, and they’re frequently seen as rivals in award competitions, including the Emmys.
The company in an interview openly gave the statement that it competes and loses to Fortinite. It fears more from the video game than from one of the companies of its own sector. Netflix is fighting with competition from the same sector to get the highest TV time. But because of the video game – Fortnite, they are not being to achieve their targeted TV time.
Right now, Netflix earns ~10% of TV screen time in the US. And when it comes to mobile devices, it gets even lesser time than that. The percentages are lower even outside the US, where it doesn’t enjoy such high market penetration. Now the game has changed for Netflix. Their focus is not on their competitors, be it Google YouTube, Disney + or Fortnite. Their focus is on how to improve the experience for their members so that they get the maximum screen time.
Hence, as we can see here one needs to look at the right parameters and take into consideration competition across sectors.
Hence it is necessary to conduct research and analyze who is actual competition. This is very important because there is a chance you might lose your market to someone whom you never considered. So, are you analyzing your competitors well?
Written & Compiled by Faber Priyal & Faber Mayuri