Hi I'm Anna Kaplan! I am a storyteller, marketer, and problem solver.
Develop a strategic point-of-view on how Netflix can retain its leadership position and stay relevant for Gen Z over the next 5-10 years.
In order to understand the culture and habits of Gen Z, I did a deep dive into their media habits across television, movies, and social media.
I also researched Netflix's current and projected growth with focus on competitor research. Lastly, I researched the most successful content across Netflix and other streaming platforms. This in-depth research allowed me to unlock deep insights and construct a plan for the future to help ensure Netflix maintains its #1 spot
Netflix needs to evolve to continue to attract Gen Z. Gen Z are technology savvy, passionate, curious, multi-tasking individuals. They rarely sit down to watch one show, instead they skew towards binge watching and crave diversity and representation in the content they watch.
To evolve and in the ever expanding competitive market of streaming services, Netflix needs to create and license diverse content, put more research and development into the mobile experience, and adapt their current metrics for further personalization across both the platform and ad experience.
Netflix may have been the first to produce original content on a massive scale, but their competitors have quickly caught up. Nearly every streaming service has original content. Chart 1 depicts the average ratings of original content. As you can see from chart 1 their original content is not at the top. However, while rating wise their content does not rank the highest, 18/20 top streaming movies/shows were either Netflix Originals or Netflix licensed content (see chart 2). This tells us that Netflix does have good content, but with the loss of shows like Friends and The Office they need to lean in to diverse content.
“ Generation Z is more connected than ever to global cultures and fandoms, leading to much wider viewing experiences. Gen Z viewers are much more likely to immerse themselves in shows created in different languages”
Diverse Content & Watch Habits
Gen Z wants diverse content. They seek out shows with diverse characters, culture exposure, and storylines that are relatable.
Since Gen Z watches less television than previous generations they lean into personalized recommendations or word of mouth when deciding what to watch. Similar to millennials, Gen Z watches television/movies to decompress. Lastly, Gen Z is unlikely to sit down for one episode, instead they skew towards binge-watching habits.
BRINGING THE STRATEGY TO
Netflix should continue to create and license content that is diverse in subject matter, characters, storylines, and languages. The Spanish show Money Heist drew in more views then Tiger King. Netflix will continue to lose some big name titles, therefore it is crucial that they shift to finding a 'new' Office to not just draw in Gen Z, but keep them there.
Additionally, as the mobile generation of which grew up with a smartphone in hand they need to further tap into that market worldwide. Currently Netflix offers a lower cost mobile only plan in India. Adding this subscription option on the global scale will lead to more Gen Z subscribers.
PRODUCT & PRODUCT OFFERINGS
To adopt mobile first mindset Netflix needs to implement vertical viewing on the app. Gen Z is already engaging in vertical video viewing on a daily basis on TikTok and Instagram. Adding this feature will help customize the viewing experience to suit Gen Z needs.
Additionally, as Gen Z spends less time watching TV then previous generations personalized recommendations are key. Therefore, Netflix should further invest in R & D to further personalize the user experience.
Gen Z grew up with social media, and Netflix should continue use that to their advantage. Netflix should push social media to be their top marketing spend in the coming decade with a focus on personalized ads. Doing so will engage Gen Z in a way that shows them content they would be interested in.
Gen Z does not just believe in watching content, but in engaging it. Therefore, Netflix should create two things:
A Community Forum
This will enable Gen Z to engage in they way they know best- online.
While Netflix currently holds the #1 spot in streaming, it's competitors are close behind. The key to remaining #1 in the coming decade is Gen Z. Implementing product enchantments, investing in diverse content, and allowing Gen Z the ability to engage their peers will help Netflix maintain its spot at #1.
© 2021 by Anna Kaplan . Proudly created with Wix.com