Although its video streaming service sparkles with a Hollywood sheen, Netflix still taps its roots in Silicon Valley to stay a step ahead of traditional TV and movie studios.
Awards, including an Emmy, are displayed at Netflix headquarters Los Gatos, Calif. on March 7, 2024. Netflix wins awards for its shows like a Hollywood studio, but still relies on the sophisticated technology of a Silicon Valley company to reel in viewers and subscribers. The Los Gatos, California, company, based more than 300 miles away from Hollywood, frequently reaches into its technological toolbox without viewers even realizing it.
“It is a secret sauce for us, no doubt,” Eunice Kim, Netflix's chief product officer, said while discussing the nuances of the ways Netflix tries to reel different viewers into watching different shows. “The North Star we have every day is keep people engaged, but also make sure they are incredibly satisfied with their viewing experiences.”
Last year, video streaming services collectively suffered about 140 million account cancellations, a 35% increase from 2022 and nearly triple the volume in 2020, when the COVID-19 pandemic created a boom in demand for entertainment from people corralled at home, Netflix's nerdy heritage once was mocked by an entertainment industry that looked down at the company's geekdom.
What Netflix is doing with technology to retain subscribers to boost its fortunes — the company's profit rose 20% to $5.4 billion last year — now is widening the divide with rival services still trying to stanch their losses.“We need to be at their level in terms of technology capability,” Iger said at a conference earlier this year. “We’re now in the process of creating and developing all of that technology, and obviously the gold standard there is Netflix.
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