Today, Netflix is one of the most loved streaming apps in the market. With the number of users increasing every second from 115 million users, there is no doubt that this streaming channel has won the hearts of millions of people becoming the kind of streaming world today. Most of you must be thinking about how they have managed to be this successful, and we are here to reveal their secret today.
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It has been established that Netflix has taken over the entire Hollywood which indeed is raising huge questions on how? The answer is simple, the secret is “Big Data”.
As per the Wall Street Journal, Netflix has been using Big Data Analytics to optimize the overall quality and user experience. Through big data analytics, Netflix is targeting users through new offers for shows that will interest them. Not only this but through big data analytics, they also are playing the ground with relevant preferences. All these efforts all together have led to the success of the Netflix streaming platform.
By now, we have established that Netflix has become one sensational streaming platforms of today that have millions of subscribers from all across the world. Now, if we go deep, these million subscribers derive a humungous amount of data that can and has been used by Netflix to grow even more. Although there are many challenges that one faces when it comes to including data analytics to your business, still after reading this, you will understand how important it is.
Right from the prediction of the type of content to recommending the content for the users, Netflix does it all through big data analytics. Netflix started collecting data from the time they were distributing the DVDs which later when they started their streaming service in 2007 shaped into something more. It took them 6 years to gather proper data to analyze find the result-driven data from it and use it. This big data analytics lead to the launch of their first show – “House of Cards” which they estimated to be a success through data analysis, proving how beneficial big data analytics has been for them. This also gives another reason for why you should consider adding big data analytics to your business.
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Netflix also invested a million dollars in development of the algorithm for data analysis to improve the efficiency and accuracy of the process, helping then increase the retension rate.
With the help of Big data analytics, Netflix knows what you want and what you would like to watch next. Now, this might seem scary but the science behind it really simple. Knowing and understanding the preferences of the users have proven to be the two pillars of success for Netflix. With the help of which they understood the viewing habits of viewers which help the prediction system that is powered by the algorithm designed by the developers.
In short, big data analytics helped Netflix to gather insights which further helped in the optimization of the algorithm and then adjust the algorithms.
In addition to studying the behavior of the users, Netflix also uses tagging features that allow consumers to suggest as well recommend different movies and series they think a user will enjoy. This feature encourages more views, clicks, and raises engagements. This magic formula took 6 years of Netflix which has paid off really well as it has become the no.1 streaming app today.
Netflix, a giant streaming platform has made it big using big data analytics. Netflix is one of the most prominent examples of how advancements in technology have helped brands like Netflix to grow into becoming famous and successful. It is not only Netflix that is making use of big data analytics like Amazon. You can also check how Amazon uses big data to grow their sales. So, if you own a business and are not using the magical powers of big data analytics, we are here to help you. All you have to do is contact our experts and figure out the ways you can make use of data analytics.