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The new media business concept led by Netflix: A study of the model and its
projection into the Spanish market

Article  in  El Profesional de la Informacion · December 2015

DOI: 10.3145/epi.2015.nov.14

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The new media business concept led by Netflix: a study of the model and
its projection into the Spanish market
Jessica Izquierdo-Castillo. University Jaume I (Spain)

This is an English versión of the Paper originally published in Spanish in El

Profesional de la información, v. 24, n. 6.
http://www.elprofesionaldelainformacion.com/contenidos/2015/nov/14.pdf
To cite this article, please use:
Izquierdo-Castillo, Jessica (2015). El nuevo negocio mediático liderado por
Netflix: estudio del modelo y proyección en el mercado español. El profesional
de la información, v. 24, n. 6, pp. 819-826.
http://dx.doi.org/10.3145/epi.2015.nov.14

Abstract:

New actors, who link their activity to content distribution, lead the business of
online media content. These actors operate adapted to the demands of
converging media context, and they propose business models oriented through
user benefit.

Among them, Netflix notably highlights for the leadership he has in its home
market, the United States, and its international expansion. This paper presents
in detail the Netflix business model with a case study that focuses on three key
areas: the catalogue and monetization’s formula, policy relationships with key
audiences (users and content and internet providers) and its internationalization
strategy.

From the results, a discussion on the projection of this model in the Spanish
media market is opened.

Keywords: Netflix, online distribution, content, media, Internet, convergence

1. Introduction
Media industry is articulated around a convergent environment which
reconfigures the media system and which introduces new leaders
(Cunningham, Silver, 2013). These new agents are connected to disruptive
models (Cunningham, Silver, McDonnell, 2010) that break with traditional
business. The current scenario is the result of the combination of both old and
new media elements, composed by different media products compiles in a
single channel (Internet).
New communication business is the effect of the interruption of content
distribution. A hegemonic position has not yet been occupied. In fact, the
Internet has been a process of disintermediation (Iordanova, 2012), which has
led to the appearance of a new domain position in online content distribution
platforms. These platforms are articulated around a new conception of the
media business, which proposes formulas focused on user satisfaction. In this
group there are proposals such as the pioneer iTunes, which introduced the
option of payment per unit (song in the place of a nightclub, an episode in the
place of the complete television series, etc.); as well as Hulu or YouTube and
Spotify, with access to a television and music content respectively, a change in
public consumption. In addition, the three platforms coincide in this modality
with video on demand.
This association between the hegemony in the industry and the control of media
content that is also observed in the convergent scenario seems to repeat the
scheme established in the traditional system. However, there are several
factors that differ from it. In the first place, the control is not held by the actors
directly or indirectly linked in the production and distribution of the content (or
not necessarily), which would be the great Hollywood studios. Second, the
distribution circuits are not limited to one sector (such as television or film for
example), but are articulated around the content, which is packaged through
distribution platforms (which do not correspond to the previous distributors).
Third, there has been a change of role for the audience, which becomes active
(Gubbins, 2012) and leads a process of empowering the content, feeling free to
access it (even through non-legal means), share it with other users or transform
it.
In this new sector of online content distribution, Netflix stands out with its
subscription video model. The company has established its business in almost
80 countries and aims to reach a total of 200 in the world over the next two
years. Its media business model is based on both attractive content and an
interesting monetization formula for the user. But it also has other strategic
factors that are key to understand its progression. With this proposal, the
company has been successfully introduced in several European countries since
2012. On the contrary, the company has repeatedly postponed its incursion into
Spain, despite the constant rumours about its launch, until October 2015.

2. Objectives and methodology

The main objective of this article is to analyse the case of study of Netflix,
based on three dimensions: its business model, through its monetization
formula; its policy of relations with users and suppliers; and its
internationalization strategy. From here, the results obtained are faced to the
Spanish context.
The choice of this market is motivated by positive data that reflects its growth,
with an increasing consumption of online content and a high degree of
technological equipment linked to mobility and high-speed connectivity. These
data would present, a priori, an attractive scenario for Netflix's expansive
colonization strategy of online distribution, but, on the contrary, the company
has not included it in its first internationalisation plan. The case study
methodology uses information derived from the review of the bibliography and
the data published by the online companies themselves, as well as by
specialized press.
3. Netflix as a paradigm of online content distribution: one strategy in
three points

Netflix emerged as an online video rental store in 1997, with a novel

monetization formula, based on the subscription fee for DVD rental. In 2007, the
company introduced streaming video, maintaining the monthly subscription
system, which represented a turning point in the online video market (Ojer and
Capapé, 2013). At that time, the sector was headed by the company Apple,
which had experience in the commercialization of music under the paywall pay
per unit model (Barr, 2011), on the iTunes platform. When it introduced the
video in its catalogue, iTunes reached the figure of one million videos per week
in 2006 (Ullin, 2012: 304) and dominated the market until 2011, replaced by
Netflix in the first position (graph 1).

Graph 1. Market share of online video in the period 2009-2011

Source: Prepared by the author based on data published by IHS Screen Digest
June 2012
71,5%

80,0%
60,8%

70,0%

60,0%
44,0%

50,0%
32,3%

40,0%

30,0%
16,7%

12,6%
11,4%
11,2%

20,0%
9,5%
7,6%

6,8%
5,4%
4,2%
2,7%

2,4%
0,5%

0,5%

10,0%
0,0%

0,0%
Netflix Apple Microsoft Vudu (Walmart) Sony Otros

2009 2010 2011

Netflix closed its first year of streaming activity in 2007 with 7.5 million
subscribers (Ojer and Capapé, 2013). In 2010, its market share stood at 44%
(figure 1), and since then, it has led the sector, with an inter-annual growth rate
between 35 and 40 per cent, with revenues of over 4,500 million dollars
(graphic 2).
Graph 2. Netflix streaming service revenue evolution in 2011-2014 (in
thousands of dollars)
Source: Own elaboration based on data published by Netflix

5.000.000

4.500.000
+36%
4.000.000
+40%
3.500.000

3.000.000

2.500.000

2.000.000

1.500.000

1.000.000

500.000

0
2011 2012 2013 2014

After the good reception of the incipient online market, the company was
tempted to separate its lines of business and maximize profits. That is why it
announced in 2011 the launch of an associated platform, Qwikster, exclusively
designed for streaming video. With this, Netflix aimed to create a new brand
linked to the original video rental business and strengthen Netflix as a brand
associated with online distribution. However, the reaction of the public
prevented the launch of the associated platform, since only its announcement
caused the loss of one million subscriptions in 2011. After the cancellation of
the project, and a public apology by the company, Netflix returned to its former
proposal of flat content rate and currently has 65 million subscribers worldwide
(Netflix, 2015).
The success of Netflix can be explained, of course, with the monetization
formula, which allowed Internet users to access a catalogue of broad content
through an economic subscription fee ($ 7.99 per month), which was a
significant advantage over the competitors, which charged between 2 and 3
dollars for 24-hour access to a piece of content (Izquierdo-Castillo, 2012). But to
delve into the Netflix model, other key elements must be addressed. Among
them, three factors stand out: a business model oriented to demand, its policy
of relations with their main publics and an internationalization strategy.

3.1. A business model oriented to the demand: monthly fee and

renovation of the programmatic concept
Users increasingly consume more content online. This demand is more
pronounced among young people, who dedicate 22 hours a week to this
activity, compared to 8.3 hours of attention paid to television. This consumption
is divided between free access videos (11.3 hours for platforms such as
YouTube) and subscription platforms (10.8 hours per week for portals such as
Netflix) (Acumen Report, 2015).
Faced with this demand, Netflix offers an advantageous formula, with a monthly
fee for access to the catalogue. This access is divided into 3 modes: SD
content available on 1 device ($ 7.99), HD content available on 2 devices ($
8.99) and HD content and ultraHD available on 4 devices ($ 11.99). ). In this
way, Netflix moves away from the traditional subscription model, which sets the
price based on the volume of content and / or categorization by quality (regular
vs. premium). This is how traditional televisions operate in any of their
distribution channels (terrestrial, satellite, cable) but also some online platforms,
such as Hulu Plus (paid version of Hulu) or Yomvi (online replica of Canal Plus).
However, Netflix focuses the value on two elements: on the quality of viewing,
distinguishing SD and HD; and in the mobility and accessibility to the contents
through different number of devices. In this way, for a user trained to access
any content through alternative ways to these content (file exchange pages,
non-legal downloads pages, etc.), a model that provides ease and comfort to
the content access is more attractive. the access. This does offer a competitive
advantage over alternative formulas, which usually present annoying elements
such as advertising, data requests, problems in streaming or downloading, etc.
On the contrary, content-based models are a minor claim for the user who does
not prioritize access to content, but the quality of that access.
However, Netflix also considers content as a strategic element of its business
model. To the films and series acquired from third parties, the company adds
productions where its participation is direct (House of Cards, Marco Polo,
Orange is the New Black). In this way, Netflix replicates the role that networks
have played over the last few years, as the main drivers of the creation of
media content (Cunninghan and Silver, 2013: 89) and enters into direct
competition, in addition to other platforms, with traditional players like HBO. This
American paid television network has its own streaming service through HBO
Go and, since March 2015, also a premium service (without subscription to the
payment channel) with HBO Now through Apple TV (14.99 dollars per month).
On the other hand, Netflix is also faced with Amazon and its Amazon Prime
Instant Video service, which works as an integrated element in the Amazon
Prime package (99 dollars per year), and which is estimated to have 14.5
million subscribers (Greene, 2015 ).
The disruption of Netflix in the content market also affects the premise of the
television business and its serial content. In its role as producer, the company
has been the first and only one to offer the full seasons of its series at the time
of its release. In this way, it cancels one of the premises of traditional television,
which consists of the seriality of the contents, to favour the loyalty of the
audience and, in this way, to obtain stability in advertising or subscription
revenues. In this sense, the company states that the premiere of House of
Cards meant an increase of 3 million subscribers (Kaiser, 2013), which
translated into significant revenues, which make possible the production of the
series, with an average budget of 3.8 million dollars per chapter (Greenfield,
2013).
However, regardless of the results, this strategy allows them to create brand
and reinforce their leadership position in the market, which results in an
increase of subscribers. At the same time, it gives it a strong position in the
viewer’s mind, which reinforces the brand image of the platform as a reference
in the online distribution market. Finally, it also poses an important challenge to
the rest of the platforms, by breaking the serial periodicity in the premiere of
contents.

3.2. A policy of relations with related agents:

3.2.1. The scrutiny of users

The Netflix model focuses on the user experience and the maximization of
resources. For this, it has developed complex data processing software, which
achieves a sophisticated recommendation system focused on the design,
construction and optimization of content. Currently, Netflix dedicates
approximately 300 workers and invests 150 million dollars per year for the
investigation of algorithms, user interfaces, as well as recommendation
platforms and, in general, everything related to the metadata of the platform
(Kuburas, 2014).
The benefits of this investment are multiple. First, it offers relevant information
for the recommendation of products, which becomes an added value of the
Netflix service (figure 1). On the other hand, it allows improving the design of
the catalogue, optimizing resources, for example, limiting the purchase of
children's content, since it is a permissive public with the continuous repetition
of a program (Rogowsky, 2014), which adapts to the possibilities and demands
of each market in which it operates. In this way, automation systems allows
them to evaluate the content before acquiring it for the platform, including
recommending actors for the interpretation of papers in their own production or
redesigning the catalogue according to demand. At the same time, it allows
visibility to lower commercial content, which users are encouraged to consume
by the recommendations they receive. This provides a business opportunity for
independent producers and product lines of traditional studios with low visibility
in general commercial circuits, which is a good position for Netflix in the
negotiation with content providers.

Figure 1. Example of recommendation based on content consumed

Source: Netflix
3.2.2. A change of role with content providers

The Netflix catalogue is made up of movies, television series and

documentaries. Although in recent years the number of own productions has
increased, it can still be considered a testing strategy, since the bulk of its
catalogue comes from content acquired by concession. Among the most
significant agreements of the company are those achieved with Disney for the
different lines of the company, such as Marvel or Pixar. And also, it has the
concession agreements with Fox Television or with CBS Studios.
Negotiations that Netflix must articulate with content providers increase in
complexity as its business grows and expands. The agreements must not only
be made in response to the domestic market and its structure (concessions with
other market operators), but also to the different negotiations that content
providers have acquired in each of the external markets where Netflix also
operates.
The large subscriber base provides you with the financial capacity to bid for the
content in the negotiations with other distributors. This has meant that Netflix
has gone from being one more window in the chain of commercial exploitation
of the content to occupy a reference position. Because of this, its interest in a
content can determine its renewal by the producer or increase its value in the
bidding market for the granting of rights. In this sense, one of the main needs of
Netflix about contracting, together with obtaining rights in exclusive, is flexibility,
which allows it to modify its catalogue based on the consumption of its
subscribers.

3.2.3. Key demands for Internet Service Providers (ISPs)

Another key is the promotion of relationships with Internet service providers

(ISP). The Netflix model, like all other online platforms, depends on data traffic
over the Internet. The relationship with the ISPs is fundamental to guarantee
the correct data service. A slow bandwidth or a bad data traffic service can
mean a lot of losses for Netflix. In the same way, Internet consumption data
reflect a high demand for online video. In North America, for example, Netflix is
responsible for 34.9% of downstream data traffic (Sandvine, 2014).
The predominant position of Netflix gives you an advantage over the problem of
saturation of Internet traffic. Before the debate on the management of the
volume of data, Netflix has advocated the neutrality of the network, because
any selective measure would have repercussions on costs for its activity. In fact,
one of the economic threats for these video on demand platforms in this regard
are the rates that ISPs intend to tax on the providers that consume the most
data; and also the great dependence on the streaming model of hosting
services and content traffic. In this sense, Netflix also warns of its delicate
relationship with Amazon, through the Amazon Web Services (AWS). Amazon
provides Netflix with a computing platform for distribution based on the "cloud"
(virtual storage space). In this way, Netflix receives support from AWS for data
processing, storage and other services. This relationship creates a dependence
of Netflix on Amazon, which in turn has its own interests in the same business,
with its subsidiary Amazon Instant Video.
In Europe, network neutrality is the subject of continuous debate, due to the
confrontation it generates between the EU Telecommunications Commissioner
and telecommunication operators. In April 2014, the European Parliament voted
on rules to prevent operators from blocking or restricting content in order to
manage data traffic. In the US, the debate was settled in February 2015, with
the approval by the Federal Telecommunications Commission of the recognition
of the Internet as a basic service, which guarantees network neutrality.

3.3. An internationalization strategy

Traditionally, international market has been an important business window for

the American media industry. In figures, Europe represents 40.4% of the
international exploitation share of the main film companies and revenues of
10.6 billion dollars (MPAA, 2015). In a convergent and global scenario, this
process of internationalization is faster and more flexible.
Netflix began its internationalization in 2010, with its entry into Canada. In 2011,
it reinforced its international growth policy after "a financial problem"
(Cunninghan and Silver, 2013: 88) derived from the unsuccessful attempt of its
subsidiary. Then it launched its service in 43 countries in Latin America and
prepared its entry into Europe for 2012. It was first introduced in the United
Kingdom and Ireland, and at the end of the year in Sweden, Denmark, Norway
and Finland. The process continued in 2014 with Austria, Belgium, France,
Germany, Luxembourg and Switzerland. In 2015, Netflix intends to expand its
coverage with Japan, New Zealand, Spain, Italy and Portugal.

Figure 2. Netflix's global presence

Source: netflix.com
In economic terms, Netflix's revenues experienced significant growth in a short
period, going from 300 million dollars in 2012 to 1,481 million dollars in 2015
(Netflix, 2015). Currently, 36.3% of its subscribers belong to its international line
(figure 3).

Graph 3. Evolution of Netflix domestic and international subscribers in 2011-

2015
Source: Netflix

45.000 42.068

40.000 37.698

35.000 31.712

30.000
25.471
23.951
25.000
20.153
20.000 16.778

15.000
9.722
10.000
4.892
5.000 1.447
0
2011 2012 2013 2014 2015

Internacionales Domésticos

The result of this three-point strategy has made Netflix a model of distribution
platform in the global market. But in addition to this function, it has notably
intensified its role as a content producer, participating in the creation of
television series and, since 2015, also of feature films (Safo, 2015). In this way
it reinforces its position of control and marks the guidelines for the change of
model. On television, this change is illustrated by the transgression of seriality.
In film, the company does not differentiate between its window and the movie
theatre, premiering the films simultaneously. With these movements, the
company sets the standards of a new business, which expands all over the
world.

4. Discussion about the projection of the Netflix model in the Spanish

market

Netflix's dominance in the world of streaming content distribution places it, at

the same time, in a vulnerable position in front of factors that threaten its
business model. Through the identification that the company itself makes of
these factors, a confrontation with the Spanish context can be established. In
this way, it is exemplified with a specific case, which are the elements that can
stop the advance of Netflix or motivate its lack of initial interest in a specific
market, such as the Spanish.
First, it highlights the need to maintain and increase the subscriber base.
In Spain, the payment market for television and film content is small, with 4.8
million subscribers among the satellite, cable, IP, mobile and pay DTT platforms
(CNMC, 2014). On the contrary, there is a high consumption of online video.
The data reveal that 85.5% of people who connect to the Internet do so to
consume media. The contradiction between both parameters is explained by
the presence of piracy or consumption of non-legal pages. According to the
Observatory of Piracy and Consumption Habits of Digital Contents, 51% of
users download content protected by intellectual property rights. This dynamic
makes it difficult to consolidate a payment model, even with attractive rates,
such as Yomvi Play (an online subscription platform that does not require
subscribing to the channel), for 6 euros per month, or Wuaki, for 6.99 euros. In
this sense, Netflix would be a less economic option, with its new rate increased
by 12.5% in 2014 (going from $ 7.99 to $ 8.99), which means a rate of 7.99
euros per month.
Secondly, the competition boom is remarkable and manifests itself with different
business models: other streaming video subscription platforms, online platforms
of traditional operators, online providers of films and television content
(including illegal ones) and DVD rental services. From this set, on the one hand,
it stands out, the websites of illegal access to content, which pose a difficult
competition to match, because they offer free access to a wide catalogue. But it
also highlights the competition from traditional operators, who have a number of
advantages over their model: years of experience in the video industry, a large
customer base, strong brand recognition and financial resources. This gives
them an advantage over negotiations with the main content providers, which
maintain, for the moment, their hegemonic position in film distribution, also in
the digital scenario (Izquierdo-Castillo, 2010). In Spain, on the one hand, this
place would be occupied by Canal Plus (satellite television), as well as by
Yomvi Play (since 201); and on the other, Movistar Televisión and, since 2014,
Movistar Series (only for subscribers to the Movistar Fusión service package,
with a supplement of 7 euros per month). Both offer packages controlled by
Telefónica, which obtains a strategic position in the Internet’s paid media
sector.
Third, Netflix's dependence on the stability obtained in the field of policies
related to its business, which may range from cultural diversity policies to data
protection policies. In this sense, the Spanish laws of intellectual protection can
be a deterrent, as the company itself recognized in 2011, when it stated that
"abusive copyright in Spain would represent a cost of 2 to 3 times greater than
those same rights in other countries of our environment, such as France or
Germany "(Asian, 2014). This situation is not resolved with the latest Intellectual
Property Law, in force since 2015, which extends the pursuit of illegal
distribution of content to Internet pages that include links to other pages that
contain content, whether legal or not. In this way, the LPI reinforces the path
started with the Sustainable Economy Law of 2011 (better known as the Sinde
Law) and penalizes the user and violates their freedoms (Sarikakis and
Rodríguez-Amat, 2014: 5), at the same time that protect the interests of
economic models based on traditional structures.

5. Conclusion

Netflix sets the tone for the new media business as a leader in the online
content distribution sector. However, this model is not stable or fixed, but is
subject to the lack of definition that characterizes the convergent scenario. This
translates into a continuous adaptation of the proposals of the companies, even
of the dominant ones of the sector. In this way, Netflix's on-demand video
subscription model is in itself an evolution of its original business, the online
rental of DVDs, and, in turn, has evolved towards the creation of a platform that,
moreover, behaves like a new production studio. This also happens with their
competition, which experiments with the hybridization of models. The examples
are observed on a global scale, with HBO, Amazon or Hulu, but also in smaller
context, with Yomvi Play.
Therefore, there is no leading business model, but flexible models that find one-
time domain positions. These models are in constant evolution. In addition, they
are highly sensitive to the approval of the public, which is increasingly
demanding. On the contrary, the strategic keys that form the basis of the new
media models can be established, which are summarized in three
interconnected elements: a wide and diverse catalogue, which includes
premium content in its base offer; an economic rate with no permanence that
allows unlimited access to the catalogue; and a service focused on the quality
of the image, the ease of navigation and the search for related content and
accessibility through multiple devices.
With these combined elements, any platform is potentially a successful
distributor. In this sense, in the Spanish context there are platforms that could
lead that market, which shows a high interest in online video. However, they
face barriers that impede their growth, such as the limited size of the market
that, moreover, presents a poor culture of payment for content consumption.
This does not provide a sufficient critical mass to support the acquisition costs,
which represents a competitive advantage for companies that can take
advantage of economies of scale derived from an expansion strategy, such as
Netflix. However, the delay in the Spanish market has allowed the organization
of competition, among which Telefónica stands out, which also dominates the
market of telecommunication operators.

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