Founded by ‘Reed Hastings’ and ‘Marc Randolph’ in 1997, Netflix which was formerly known as Kibble is 20 years old.
Netflix’s only real value proposition was the mail-order element of its operation and with the passage of time, Netflix has become one of the biggest TV and movie studios in the world and has a worth of $100 billion.
In the coming months, streaming services provided from broadcasting channels like Disney+, WarnerMedia, and NBCUniversal will be launching, planting a strong foundation in it the industry which was earlier dominated mostly by only two channels, i.e., Netflix and Hulu.
The competition has increased with an increase in a number of viewers which in result has increased the demands and interests o people, it has become important for every channel to attract as many as viewers they can to grow their channel.
Former Netflix CEO Marc Randolph, despite the upcoming competition, is not worried about the future of the company.
According to Randolph, Netflix has a “secret weapon” which is the ability to focus solely on content generation. According to him, content creation is the thing that will take this company even farther despite heavy competition in the same field.
“The only task of Netflix is to stream series and movies. They are very disciplined and focused,” Randolph said in an interview. “Whereas you look at Disney, which of course, has a studio, but they also have theme parks and they have cruise ships. Apple has only retail stores and its hardware. I will be only worried about Netflix when Apple will come out theme parks related to Netflix or Netflix phones.”
“It is really nice for Netflix” Randolph continues. “It gives them some discipline, motivation in terms of saying how are we going to compete and maintain our edge, manage our predominance in the streaming world. But I’m not concerned. You know, Netflix always runs like a startup, which means it’s always prepared to do what it has to do to make sure it meets customer needs in the future and not relying on what it did in the past.”