As a business student, I learned that big companies try to grow by expanding their businesses and also by getting into new businesses. For Netflix, gaming is totally new and a great opportunity to attract new subscribers.
Netflix hired Mike Verdu as the vice president who is to directly work under CEO Greg Peters, the company said on July 14, 2021. Mike Verdu was an executive at Electronic Arts Inc. and Facebook Inc. before he took on this job. As a vice president at Facebook, Verdu worked with developers to bring games to Oculus virtual-reality headsets.
Of course, the video streaming industry is booming at a high speed, the competition is getting more fierce. To remain on top, Netflix is planning to introduce something new and something that its competitors are not doing as of now, offer gaming at no extra cost.
Disney+, HBO Max, Amazon Prime Video and Apple TV+ are all in the race to rule the streaming industry. As of today, Netflix is in the lead with 208 million paid subscribers worldwide.
Many are calling this a bold move by Netflix and I couldn’t agree more. Without innovation, many companies fail to sustain themselves in the long run. The upside of introducing gaming on the platform is that Netflix can increase the user time on its site by launching games of its properties like Stranger Things, Money Heist and many more.
The gaming business is larger than the music, movies and television businesses combined. I am excited for Netflix and can’t wait to play video games along with streaming my favourite shows at no extra cost next year.
But Netflix might hike its prices in the near future with the addition of gaming as a justification.
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