Netflix, Inc. is an American subscription streaming service and production company. It was founded on August 29, 1997, and offers a library of movies and television series under distribution agreements, as well as its productions, which are known as Netflix Originals. Let us see the overview of Netflix before moving on to the Netflix Mission Statement, Netflix Vision Statement, and Values.
Overview of Netflix
|Company Former Name
|Reed Hastings, Marc Randolph
|Reed Hastings, Ted Sarandos ( Co - CEO )
|Los Gatos, California, USA
|$26.392 Billion ( FY21 )
|$3.759 Billion ( FY21 )
|Worldwide Except China, North Korea, Syria, Crimea
|No: of Employees
|9,400 ( 2020 )
As of December 31, 2021, Netflix had more than 221.8 million subscribers worldwide, including 75.2 million in the United States and Canada; 74.0 million in Europe, the Middle East and Africa; 39.9 million in Latin America; and 32.7 million in Asia Pacific. Netflix is available worldwide, with the exception of mainland China (due to local restrictions), Syria, North Korea, Russia (due to the Russian invasion of Ukraine in 2022), and Crimea (due to U.S. sanctions). Netflix plays an important role in independent film distribution and is a member of the Motion Picture Association (MPA).
Netflix is accessed through an Internet browser on computers or through application software installed on smart TVs, set-top boxes connected to TVs, tablet computers, smartphones, digital media players, Blu-ray Disc players, video game consoles, and virtual reality headsets on the list of Netflix-compatible devices. It is available in 4K resolution. In the United States, the company offers DVD and Blu-ray Disc rentals, delivered individually via the United States Postal Service from regional warehouses.
Netflix was founded in 1997 by Reed Hastings and Marc Randolph in Scotts Valley, California. Initially, Netflix both sold and rented DVDs by mail, but sales were discontinued within a year to focus on the DVD rental business. In 2007, Netflix introduced streaming media and video on demand. In 2010, the company expanded to Canada, followed by Latin America and the Caribbean. In 2013, Netflix entered content production and presented its first series House of Cards. In January 2016, the company expanded to another 130 countries and was then operating in 190 countries.
The company is ranked 115th in the Fortune 500 and 219th in the Forbes Global 2000 and is the second-largest entertainment and media company by market capitalization (as of February 2022). In 2021, Netflix was ranked the eighth-most trusted brand in the world by Morning Consult. In the 2010s, Netflix was the best performing stock in the S&P 500 stock index with a total return of 3,693%.
Netflix Mission Statement, Vision Statement & Values
Netflix Mission Statement
Netflix has mentioned its core Strategy and Netflix Mission Statement in its annual report.
The Netflix Mission Statement is
We promise our customers stellar service, our suppliers a valuable partner, our investors the prospects of sustained profitable growth, and our employees the allure of huge impact.
The Netflix Mission Statement expresses what the company is best known for – providing outstanding and unparalleled video entertainment services. It also shows how the company balances the satisfaction of its customers with the financial needs of its other stakeholders.
It means Netflix Mission Statement consist of three major elements
- Quality Environment: Netlfix has invested a huge amount in developing user-friendly platforms, web shows, movies, and documentaries to attract new customers and retain its existing customers.
- Improving lives: Netflix places a high priority on having an impact on society beyond entertainment. The company links its operations to programs that ensure it meets its social responsibilities by contributing to the overall betterment of people, the environment and the economy. For example, Netflix is known for inspiring a sustainable model that is adopted by other companies around the world and has valuable impacts on communities and the environment.
- Exceeding expectations: It’s true that Netflix does not take its customers for granted. The stability and reliability that characterise its platform, as well as the accompanying services, prove beyond doubt that Netflix is an excellent company. In addition, the services that Netflix offers to its customers are a “rich harvest” for the customers compared to the subscription fees. And there is no compromise on quality either.
- Provide excitement and entertainment: Netflix is aware of the ever-changing dynamics of entertainment in today’s world, especially with the move away from linear television TV. To bridge this gap, the company offers its customers and investors a dynamic system that meets all their entertainment needs. For example, Netflix offers a variety of entertainment options, including Internet entertainment apps and other online systems. Through these channels, the company provides its customers with limitless content to engage them and enjoy every moment.
Netflix is available across 190 countries and in 30+ languages. Over 40% of Netflix users are from the united states and Canada, the remaining 60% are from the world market.
Netflix Vision Statement
To Retian the Position Of Being King of OTT in the Internet Entertainment Era.
Vision is what a company wants to achieve in the future.
- Winning The Race: Competition in the ott industry growing because production house is starting their platforms like Disney, HBO, paramount, etc. to complete with them Netflix is investing an enormous amount in producing their content as per the FY21 Netflix has invested over $17 Billion for Production of web shows, movies and documentaries to Retina its top position in Entertainment industry.
- Global Dominance
Also, Read SWOT Analysis Of Netflix
Netflix has highlighted its core values in its jobs section, which are:
- You make wise decisions despite ambiguity
- You identify root causes and get beyond treating symptoms
- You think strategically and can articulate what you are, and are not, trying to do
- You are good at using data to inform your intuition
- You make decisions based on the long term, not near term
- You are concise and articulate in speech and writing
- You listen well and seek to understand before reacting
- You maintain calm poise in stressful situations to draw out the clearest thinking
- You adapt your communication style to work well with people from around the world who may not share your native language
- You provide candid, helpful, timely feedback to colleagues
- You learn rapidly and eagerly
- You contribute effectively outside of your specialty
- You make connections that others miss
- You seek to understand our members around the world and how we entertain them.
- You seek alternate perspectives
- You say what you think when it’s in the best interest of Netflix, even if it is uncomfortable.
- You make tough decisions without agonizing.
- You take smart risks and are open to possible failure
- You question actions inconsistent with our values
- You can be vulnerable in the search for truth
- You inspire others with your thirst for excellence
- You care intensely about our members and Netflix’s success
- You are tenacious and optimistic
- You are quietly confident and openly humble
- You seek what is best for Netflix rather than what is best for yourself or your group.
- You are open-minded in search of great ideas
- You make time to help colleagues
- You create new ideas that prove useful
- You re-conceptualize issues to discover solutions to hard problems
- You challenge prevailing assumptions and suggest better approaches
- You keep us nimble by minimizing complexity and finding time to simplify
- You thrive on change
- You collaborate effectively with people of diverse backgrounds and cultures
- You nurture and embrace differing perspectives to make better decisions
- You recognize we all have biases and work to grow past them
- You intervene if someone else is being marginalized
- You are curious about how our different backgrounds affect us at work, rather than pretending they don’t affect us
- You are known for candor, authenticity, transparency, and being non-political.
- You only say things about fellow employees that you say to their face
- You admit mistakes freely and openly
- You treat people with respect regardless of their status or disagreement with you.
- You always share relevant information, even when worrisome to do so
- You accomplish amazing amounts of important work
- You demonstrate consistently strong performance so colleagues can rely upon you.
- You make your colleagues better
- You focus on results over the process
- Encouraging employees to make decisions independently.
- Transparency among employees over-sharing ideas
- A friendly relationship with colleagues
- Retaining and hiring only highly talented employees
- Avoid rules