Before we get too excited about it, let’s slow down and get one thing straight. Building a WordPress website like Netflix is definitely possible. But, the word ‘like’ is key here.
Netflix has one of the most successful business models in the world. What started out as an online DVD rental company back in 1998, has gone down to become one of the most popular OTT media services out there. They’ve managed to build an empire on the foundation of a basic subscription model and are worth more than $100 billion today!
Now, subscription business models aren’t a new trend in the market. In fact, they’ve been around for decades. You yourself are most-likely hooked to a business that’s based on subscriptions. Could be a magazine or newspaper subscription or even cable-net.
Yep. The idea is as simple as that. Customers pay a recurring fee (either monthly or yearly) in exchange for a particular product or service. You can sell to existing customers, create more value at a lower price and predict your revenue. Simply brilliant, isn’t it?! I mean, of course, you’ll have to focus on reeling in new customers and retaining the existing ones, but with your sales set on autopilot, you’re exempted from the hassle of having to find new customers every single time.
However, there’s a couple of things Netflix can attribute its success to:
- Accessibility – All of their content is accessible any time (quite literally), at any place (with an Internet connection) and on any device. Whether you’re using a mobile, tablet, PC, laptop, television or just about every other media device that has the technical capability to run it, you’ll instantly realize, there’s no compromise on the quality of your experience.
- Choices – You get to choose what you want to watch from a plethora of options they have to offer. You get to try out their services before you go ahead and choose to convert into a customer. You can choose to walk out whenever you deem fit. No customer likes being cuffed to a product or service. The moment they are restricted in any way, their resistance towards making a purchase increases.
- The Recommendation Algorithm - Through the user rating system and tracking the history of what you watch, Netflix suggests movies and shows that it thinks will appeal to you. As a Netflix subscriber, you are constantly participating in a range of behavioral experiments to produce data that allows the company to recommend movies and TV shows it thinks you’ll like. With their amazing data-driven technology, they’re almost always spot-on!
- Instant Queue – The instant queue is basically a lineup of movies or shows you’ve chosen to watch on a later date. When you’re browsing through the site and you come across movies that you want to watch next, you can just add them to a queue as opposed to having to sift through the horde of options on Netflix.