As a cinephile with decades of movie-watching experience under my belt, I can confidently say that Ted Sarandos, co-CEO of Netflix, is undeniably reigning supreme atop the streaming industry. The sheer size of their subscriber base, now nearing 280 million worldwide, speaks volumes about the platform’s dominance in today’s entertainment landscape.
It’s good to be the king.
Ted Sarandos, one of the co-CEOs at Netflix, holds a dominant position globally with close to 280 million subscribers who pay for their service. This week, Sarandos appeared at the Fast Company Innovation Festival in New York and announced that they would release their massive dataset on Thursday – it’s their bi-annual “Engagement Report,” which reveals the number of views and total hours spent watching content for approximately 99% of what’s available on the platform.
In total, viewers on Netflix watched approximately 94 billion hours of content during the first six months of 2024, slightly exceeding the 93 billion hours streamed in the same period last year. Ted Sarandos, speaking at a conference, stated that this level of transparency is unprecedented and expressed hope that other streaming services would adopt similar practices.
Of course, that’s common sense. Sarandos would welcome transparency from platforms like Prime Video, Hulu, Disney+, Max, and others, as they currently share user viewing data – because such openness would starkly illustrate the vast difference in viewership between Netflix and its competitors.
It’s important to keep in mind that Netflix’s semiannual “Engagement Report” and Top 10 lists are compiled from data provided by users, which isn’t confirmed by an outside source. However, it’s worth noting that according to independent data from Nielsen (limited to the U.S.), Netflix’s share of total TV viewing is typically more than double that of its closest competitor, Amazon Prime Video.
According to Nielsen’s projections for August 2024, based on their measurements of TV households (including those with internet-connected TVs), NBCU’s Peacock is expected to see a significant boost of 39% due to the 2024 Paris Olympics. However, despite this increase, Netflix still held the title of the leading subscription video service by a substantial margin.
Other streaming platforms such as Max from Warner Bros. Discovery and Hulu owned by Disney have started using most-watched lists similar to Netflix. However, it’s unlikely that any competitor will reveal detailed viewing statistics like Netflix does because there isn’t much benefit in doing so. So far, other streaming services have only selectively disclosed viewership metrics for successful shows to highlight their success (for instance, Amazon boasting that the “Fallout” series attracted 65 million viewers in its first 16 days on Prime Video).
Previously, Sarandos had expressed reluctance towards disclosing detailed data. However, during a discussion about Netflix’s Q3 2023 earnings in October, he stated: “Initially, when we began producing original content, our creators felt they were confined by the overnight ratings and weekend box office culture that determined their successes and failures.” He further explained that Netflix was at the forefront of sharing Top 10 viewing data and anticipated greater transparency in the industry.
Two months down the line, I gleefully unveiled Netflix’s first major data dump – a milestone that finally incorporated licensed titles. The SAG-AFTRA and WGA strikes played a significant role in this move, where access to extensive viewing data became a crucial negotiation point. “I suspect you might not need all this information,” I shared with the media, “but I believe it fosters a more conducive atmosphere for the guilds, us, producers, creators, and press.
During the Fast Company event, Sarandos clarified Netflix’s perspective behind certain decisions. He explained that their “Engagement Report” is essentially a response to those who felt unsure about the performance of their content, acknowledging that this lack of transparency was not fair.
Undeniably, Netflix chose to reveal a peek into its vast data reserves to underscore its extensive audience reach and involvement. Given its dominant position in the industry, Netflix has established a benchmark for remunerating creators and actors who contribute to its original content. As Sarandos put it, “We are interdependent. We need exceptional storytellers.” His aim is that they all prosper and gain recognition… if they excel in their roles exceptionally well, they will be rewarded accordingly.
As a passionate cinephile, I’m thrilled to share that the most-watched television series on Netflix during the first half of 2024 were three captivating titles: ‘Fool Me Once,’ ‘Bridgerton,’ and ‘Baby Reindeer.’ Each one offers a unique and immersive viewing experience that keeps viewers hooked!
According to Sarandos, our company determines the worth of content deals for TV shows or movies based on our prediction of their performance and pay accordingly. This approach, he believes, benefits creators because it transfers the risk onto us. He also mentioned the “Titanic” effect, where there’s a significant profit surge. However, he pointed out that this is very uncommon, and in many instances, we’re paying as if such a massive upside happens every time.
“Whenever there’s change,” Sarandos said, “people get uncomfortable.”
From my perspective as a cinephile, it’s frequently mentioned that YouTube and Netflix are locked in a battle for dominance in the streaming realm. However, Ted Sarandos, Netflix’s chief content officer, emphasized during a Fast Company conference that these two giants operate on distinct business models and cater to divergent types of content. In essence, he views YouTube as an ideal platform for showcasing Netflix trailers, which accounts for approximately 20% of all viewing time. Yet, his strategy is aimed at capturing the remaining 80%, a vast audience that isn’t currently engaging with either Netflix or YouTube.
During Netflix’s FC talk, Sarandos reminded us of the jab from Time Warner CEO Jeff Bewkes in 2010. He said something along the lines of, “Is the Albanian army planning to conquer the world? I highly doubt that,” during an interview with the New York Times. (This remark has been a point of contention for us since then: In 2013, after we earned major Emmy nominations and became the first streaming platform, co-founder Reed Hastings jokingly posted on Facebook, “Albania takes it up a notch.”)
Sarandos indicated that Bewkes’ sharp comment acted as a source of inspiration, helping Netflix strive for victory. “There’s nothing quite like a little friendly competition,” he laughed, “especially when being referred to as ‘the determined Albanian force.’
In 2024 thus far, Netflix’s productions ‘Atlas’ and ‘The Mother of the Bride’, which have received widespread criticism, are among the streaming service’s most popular movies.
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2024-09-20 18:20