Rise to Fame of Streaming Services
There has been a sudden surge in the demand for streaming services all over the globe. India is one of the most profitable markets in terms of content and audience. While Hotstar, Netflix and Amazon continue to keep their top spots, television channels have started to come up with their own streaming services for their audience engaged and entertained. To say the least, there is no dirt of choice for the customer and consequently a constant need amongst numerous platforms to be the best.
An insight into Netflix’s Digital Marketing Strategy
Netflix began as a DVD rental /selling company in the US. Today, Netflix is the largest online movie and video streaming company with more than 150 million paid subscribers all around the world.
As an online product, Netflix depends heavily on digital marketing to promote itself and its content, notwithstanding its entire Target audience is digitally savvy and are heavy internet bandwidth users who watch streamed online content. The company has steadily increased its promotional spending which it announced as $2.9 billion in 2019. A large chunk of its ad spend goes towards digital marketing.
You might also be interested in: The journey from traditional marketing to digital marketing
Here are some facts based on media reports from various sources:
Netflix currently has 151 million paid subscribers worldwide
The streaming company added a record 9.6 million new subscribers in the first quarter of 2019
Netflix has people using its services in over 190 countries
NETFLIX AD SPEND Netflix's AT $ 2.9 BILLION IN 2019, A SIZEABLE PORTION OF WHICH IS IN DIGITAL MARKETING
Since Netflix is present all over the world it has to come up with regional content for its audience. Netflix ties up with various production houses all over the globe to help reach its goal of being the number one streaming platform. After a slow start in India, Netflix’s Sacred Games helped it become a star overnight. Netflix has also partnered with Shahrukh Khan’s Red chillis Entertainment and it’s most recent addition Karan Johar’s Dharma Production to help keep its Indian audience entertained. Netflix uses this strategy all over the globe and as a result, has wide collection of South Asian, Russian and other regional films.
Netflix’s digital marketing is both simple and unique. Listed below is how it approaches Social Media:
1. Netflix’s Social Media Strategy
Uses wit and humour, Uses social listening tools to understand its audience, Engages its audiences informally, Encourages social sharing of its content, Uses memes and user-generated humour, Uses Social media to advertise its schedules and new releases, Promotes cast and crew of its shows on social media
2. Netflix’s Digital Marketing Strategy
Promotes its content rather than itself, Uses Instagram extensively, Uses all forms of media - TV, computers, Mobiles, Keeps it simple, Uses technology and digital marketing extensively
TYPES OF ADS THAT NETFLIX, AMAZON PRIME AND OTHER STREAMING SERVICES USE:
- Google - Text ads, Display ads, Responsive ads
- Youtube - Skippable and non-skippable in-stream ads, Video discovery ads, Discovery ads, Bumper ads, Pre-roll and Mid-roll ads
- Facebook - Engagement ads, Post promotion ads, Traffic ads, carousel ads, Video ads
- Instagram - Story ads, Photo ads, Video ads, IGTV ads, Carousel ads
Banner ads, Native banner ads, Interstitial (full screen) ads, Video ads, Rich media ads
NETFLIX’S digital Marketing strategy has been quite effective in drawing its main target group - the millennial to its online content. The success of its promotions also owes to the fact that Netflix creates and shows fresh content that resonates with its target audience.
A case study by LighthouseIndia – A Bangalore based advertising agency providing creative design, marketing communications, branding and digital services.
Reach us at: LighthouseIndia, Indiranagar