Today it’s hard to imagine a living room — or boardroom — where Netflix needs an introduction. With over 125 million subscribers across more than 190 countries, Netflix is causing hundreds of cable cancellations daily. It hasn't just replaced TV but it also changed the way we consume media. It started with renting DVDs by mail in April 1998 and introduced its subscription model the following year. Nearly a decade later, Netflix started streaming video and changed the way we watch everything. Today, it’s one of the biggest Hollywood distributors and producers of online video—and a prolific global storyteller. So How did the company go from DVD rentals to winning the global market in video streaming?
When Netflix started, it allowed its users to create a queue of movies they wanted to watch in the future but didn’t have time for at the moment. This way, when people had more time, Netflix could remind them of those movies. Simple and sound. isn't it. NO, there was rather a peculiar and unexpected outcome of it. Netflix noticed something odd in the data. Users were filling their queues with plenty of movies they wanted to watch. In fact, they enthusiastically participated in building up their watchlist, but days later, when they were reminded of the movies they'd picked out, they rarely clicked. This was a bit strange to Netflix. What could be the problem? After all Its the user who wanted to watch those movies so why would they not want to watch when they were reminded of it.
Well answer to this puzzle was hidden in one of the peculiarities of human behavior. It's a common human tendency that when are to visualize ourselves in the future we try to do so with an intention of enhancing our self-worth. what am I gonna be tomorrow? I want to be the very best version of myself though that tomorrow never really comes. The new year resolutions would be the perfect example of this. The very first day of every year we promise ourselves of inculcating new good habits and eliminating the bad ones but only to slide back to the way we have always been a month later.
When Netflix asked users what movies they plan to watch in a few days, and people will fill the queue with aspirational, highbrow and intellectual films, such as black-and-white World War II documentaries or some serious foreign films, biographies. And a few days later, however, they will want to watch the same movies they usually want to watch: lowbrow comedies or romance films. People were consistently lying to themselves. Faced with this disparity, Netflix decided to stop asking people to tell them what they wanted to see in the future and instead started to build a new model based on millions of clicks and views from similar customers. The company began greeting its users with suggested lists of films based not on what they claimed to like but on what the data said they were likely to view. The result: customers visited Netflix more frequently and watched more movies.
So there is one thing we all can learn from this whole netflix story is that don’t trust what people tell you; trust what they do.
When Netflix started, it allowed its users to create a queue of movies they wanted to watch in the future but didn’t have time for at the moment. This way, when people had more time, Netflix could remind them of those movies. Simple and sound. isn't it. NO, there was rather a peculiar and unexpected outcome of it. Netflix noticed something odd in the data. Users were filling their queues with plenty of movies they wanted to watch. In fact, they enthusiastically participated in building up their watchlist, but days later, when they were reminded of the movies they'd picked out, they rarely clicked. This was a bit strange to Netflix. What could be the problem? After all Its the user who wanted to watch those movies so why would they not want to watch when they were reminded of it.
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Build Book Reading Habit With KindleWell answer to this puzzle was hidden in one of the peculiarities of human behavior. It's a common human tendency that when are to visualize ourselves in the future we try to do so with an intention of enhancing our self-worth. what am I gonna be tomorrow? I want to be the very best version of myself though that tomorrow never really comes. The new year resolutions would be the perfect example of this. The very first day of every year we promise ourselves of inculcating new good habits and eliminating the bad ones but only to slide back to the way we have always been a month later.
Recommended Book - Everybody Lies
When Netflix asked users what movies they plan to watch in a few days, and people will fill the queue with aspirational, highbrow and intellectual films, such as black-and-white World War II documentaries or some serious foreign films, biographies. And a few days later, however, they will want to watch the same movies they usually want to watch: lowbrow comedies or romance films. People were consistently lying to themselves. Faced with this disparity, Netflix decided to stop asking people to tell them what they wanted to see in the future and instead started to build a new model based on millions of clicks and views from similar customers. The company began greeting its users with suggested lists of films based not on what they claimed to like but on what the data said they were likely to view. The result: customers visited Netflix more frequently and watched more movies.
So there is one thing we all can learn from this whole netflix story is that don’t trust what people tell you; trust what they do.
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