Story of the Biggest OTT Giant Platform Netflix | What is an OTT Platform | Biggest Digital OTT Platform

The distress year of 2020 because of COVID-19 has seen many sectors suffer, markets crash, and some industries have been completely wiped out.

But for one sector, the Year 2020 was exceptional. It would be difficult to tell about the degree to which OTT has made hay, while a huge chunk of the population was locked inside the house and longing for a source of entertainment.

In a year of unprecedented confinement, OTT’s revenues and turnouts have ramped up drastically. All activities remained shut most notably theatres. The OTT platforms received the ultimate shot in the arm: a disoriented but hungry and captive audience.

Many such OTT platforms have minted money during this lockdown period. We have got to you one of the oldest OTT platforms and its journey to the top.

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Story of the Biggest OTT Giant Platform Netflix

Netflix Background

Netflix, Inc. is an American over-the-top content platform and production company. It has headquarters in Los Gatos, California.

The company’s primary business is a subscription-based streaming service offering online streaming from a library of films and television series, including those produced in-house.

In the beginning, Netflix was a DVD rental firm competing with the neighbourhood video rental stores.

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OTT Giant Netflix Establishment

Marc Randolph and Reed Hastings founded Netflix on August 29, 1997, in Scotts Valley, California. Randolph worked as a marketing director for Hastings’s company, Pure Atria. 

Randolph had co-founded MicroWarehouse, a computer mail-order company. Hastings was a computer scientist and mathematician.

He sold Pure Atria to Rational Software Corporation in 1997 for $700 million in what was then the biggest acquisition in Silicon Valley history.

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The two came up with the idea for Netflix when commuting between their homes in Santa Cruz and Pure Atria’s headquarters in Sunnyvale while waiting for government regulators to approve the merger. Hastings has given several explanations for how the idea came about.

When it first opened, Netflix was purely a movie rental service. Users ordered movies on the Netflix website and received DVDs in the post.

When they were finished with them, they would simply post them back to Netflix in the envelopes provided. This was seen as a boon to those who did not have a video rental store nearby.

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OTT Giant Netflix Founders

Reed Hastings co-founded Netflix in 1997. He was an entrepreneur. In 1991 he founded Pure Software, which made tools for software developers.

After an IPO in 1995 and several acquisitions, in 1997 Pure was acquired by Rational Software. Hastings received a BA from Bowdoin College in 1983 and an MSCS in artificial intelligence from Stanford University in 1988.

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He served in the Peace Corps as a high school math teacher in Swaziland before going to Stanford. Today, he is an active educational philanthropist, having served on the California State Board of Education and the board of several educational organizations.

Marc Randolph, the company’s first CEO, has written a frank memoir ‘That Will Never Work’ of the untold story of how Netflix was started. Randolph had left Netflix in 2003, a year after its IPO.

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He has chronicled Netflix’s early years to help budding entrepreneurs with insights on how to start up and create a successful business model.

“It’s a guide for everyone aspiring to follow her dreams and take the next big leap.” The reason is simple. Randolph’s focus is on mentoring founders to grow their fledgling firms.

“I left Netflix because I realised that the finished product of Netflix wasn’t my dream. My dream was to build things. My dream was making Netflix,” he writes in the book.

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OTT Giant Netflix called Netflix

You could probably work this one out for yourself. But in case you are still stumped, the name & story of OTT giant Netflix is a combination of “Net” (as in the abbreviation for “internet”) and “Flix” (a variation of “flick”, the common abbreviation for a movie or film). 

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OTT Giant Netflix Journey

Just like any other start-up, the Story of the OTT Giant Netflix journey hasn’t been a bed of roses. Right in the initial phase, they turned down Amazon’s offer for a takeover for “low eight figures… probably something between $14 million and $16 million”.

.With the launch of Amazon Prime, Amazon later became Netflix’s competitor. Randolph writes It won’t be long before Amazon expands into selling DVDs. And after Amazon, there will be Borders.

Then Walmart. And then virtually every other store – online or brick-and-mortar – in America. Everyone is selling the same thing. It will only be a matter of time before our margins shrink to nothing.” They then decided to focus on DVD rental.

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After 12 years in 2001, they deconstructed themselves again. This time by dropping the rental business to focus on streaming. Randolph says, identifying the right problem was of most importance.

This marks his mentor/investor journey. He says that early in his entrepreneurial journey he realised that all ideas in their early stages are bad and entrepreneurs need a lot of twists and turns to turn it into successful companies.

He says, “If a founder is going on and on about how clever their idea is, I don’t want to hear that. But if they are going on and on about how interesting their problem is, it shows they understand the problem and are trying to solve it.”

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He explains if entrepreneurs are in love with solving a problem, they can objectively look at different solutions until they help the consumers.

“Those are the ones I decide to work with, either as a mentor or an investor.” By 2006, Netflix hit a record subscriber. The OTT Giant Netflix introduced video streaming in 2007. Year after year has been very great for Netflix.

Netflix also become the most nominated service Primetime and Creative Arts Emmy Awards in many of the years. Netflix has almost subscribers from around 190 countries in 21 languages.

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Shows & Webseries on OTT Giant Netflix

Some of the shows that have got Netflix the highest viewers and accolades are Strange Things, The Kissing Booth, The Queen’s Gambit, Black Mirror, Money Heist, etc. Netflix produces Netflix’s original content.

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Netflix’s Future in Upcoming Years

If experts are to be believed, then the future looks less rosy for Netflix. This is, in part, because of the explosion in other streaming services launched to challenge Netflix’s dominance.

Netflix appears to have predicted the impending threat several years ago, as it acknowledged that major media conglomerates would start to pull their content from Netflix to add to their services.

Another option is for Netflix to move to an advertisement-based system in the future. However, until now the company has been against this.

Story of the OTT Giant Netflix has weathered many storms before, and it would be foolish to believe it is not nimble enough to do so going forward.

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How to Change your Netflix Password using Desktop

Follow the steps to change your Netflix password using a desktop.

Step 1: First, go on any browser and browse netflix.com

Step 2: Next, log in to your Netflix account, and enter the required details.

Step 3: After you enter your Netflix account, click over your profile’s icon.

Step 4: From the options, click on Account.

Step 5: In the billing section, click on Change Password.

Step 6: Now enter your existing password and then enter the new password.

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How to Change your Netflix Password using Mobile App

Follow the steps to change your Netflix password using a Mobile App.

Step 1: Open the Netflix app on your mobile device.

Step 2: Click on the More option on the screen.

Step 3: Now, tap on Account.

Step 4: You will be redirected to a web browser.

Step 5: On the screen tap on the Change Password option.

Step 6: First, First you need to enter your existing password and then your new password.

Step 7: Click on the Save option.

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Biggest OTT Giant Platform Netflix: FAQ

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