How Would You Beat?

How Would You Beat Netflix Using Jobs-to-be-Done?

June 07, 2022 thrv Season 2 Episode 10
How Would You Beat?
How Would You Beat Netflix Using Jobs-to-be-Done?
Show Notes Transcript Chapter Markers

Netflix is obviously a dominant player in the streaming industry, but their market cap is down 70% year to date with the market being down as well. But they've also had a net loss of 200,000 subscribers in q1, they forecast losing 2 million subscribers in q2, competition and lifting pandemic restrictions has obviously impacted their business and subscription sharing as well. And interestingly, they lost 700,000 subscribers in Russia after the war in Ukraine. So still performing well there 45% of video streaming the largest audience amongst all the streaming players, and they have good evidence in their past of getting jobs done versus their competition. So how can we use Jobs-to-be-Done to analyze and beat Netflix? Or how could Netflix turn around and continue to grow its business using Jobs-to-be-Done? Listen to find out...

👉 Download our JTBD Cheat Sheet for free here:
https://welcome.thrv.com/learn-jobs-to-be-done

Key moments from today's topic on how you would beat Netflix:

00:00 Intro to the current state of Netflix
01:40 What "job" is Netflix competing for and who is the competition?
11:49 How Netflix could use JTBD to get over their market issues
16:49 What "jobs" could Netflix expand to?
21:03 Could Netflix use the metaverse to expand their "jobs"
24:32 How big companies like Netflix can capitalize on big future platform changes

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Follow Jared Ranere on Twitter: https://twitter.com/jaredran

Jay Haynes:

Welcome back to How would you beat where we discuss how you can use jobs to be done innovation methods to beat your competition. Remember to subscribe and like this podcast. In this episode, we will look at how you could beat Netflix. Netflix is obviously a dominant player in the streaming industry, but their market cap is down 70% year to date, with the market being down as well, but they've also had a net loss of 200,000 subscribers in q1, they forecast losing 2 million subscribers in q2, competition and lifting pandemic restrictions has obviously impacted their business and subscription sharing as well. And interestingly, they lost 700,000 subscribers in Russia after the war in Ukraine. So they were trading at a price to earnings of 92x, which is a huge multiple obviously baked in because people investors thought they were going to continue to grow very fast price to earnings ratios are obviously related to how fast a company's growing, they're now down to a 17 times price earnings ratio. So still performing well there 45% of video streaming the largest audience amongst all the streaming players, and they have good evidence in their past of getting jobs done versus their competition. So how can we use jobs to be done to analyze Netflix? And in how would we beat Netflix using jobs? See none? Or how could Netflix turn around and continue to grow its business using Jobs-to-be-Done. So how would you beat Netflix? Jared?

Jared Ranere:

Yeah, I think you know, you mentioned competition being stiff. So we could start there? Who is their competition? And the way we try to understand that there are jobs to be done lens is, what is the job Netflix is being hired to do? And what else is being hired to do that in competition with Netflix? So what else would you choose to use instead of Netflix to get the same job done? And I think, you know, the obvious one is entertainment, right? I'm trying to be entertained or get entertained. And Reed Hastings is actually well known for thinking this way, and has been quoted as saying, Netflix is competing with a bottle of wine. So in that case, he's saying the job to be done is to relax at the end of the day. Hopefully, it's the end of the day, if you're blind is Your other choice. And so I think we can look at it through that lens. I think it's a very interesting lens. So we can look at two key jobs, get entertained, relax at the end of the day. And we can ask who is the competition then? So Jay, what are some of the players there?

Jay Haynes:

Yeah, that's a great question. And what's interesting, I'll get into that in a second. But if you think about it through this lens, what that what they did was a very, very big digital transformation in their business, because they started out as people may remember, as a DVD mailing service. So what they really did is attack consumption jobs first. And just a refresher on the theory. In Jaci down, there's three types of jobs, one of the functional jobs, which is, what are you trying to do with the product? Why are you using it what you're trying to achieve? Yeah, like get entertained. That's a very functional job. The consumption job it relates to using the product. So if you wanted to get entertained in the world of VHS, VHS tapes, you know, you had to go to Blockbuster. And then blockbuster, you know, decided, okay, you can get DVDs, so you could go to their store and rent DVDs. And you know, Blockbuster was a very successful company for a long time. And Netflix basically competed in that consumption dimension. They said, Well, no one wants to get in a car, drive to a store, rent a DVD, bring it home and have to bring it back, you know, it was very time consuming. And you could measure speed and accuracy of that, as we always say, you know, innovations help get jobs done faster and more accurately. And in that case, it really was a consumption opportunity to really change the way the functional job was done. And they were very successful. You could you could hold the DVD for weeks, and you know, send it back later. Right, which is, you know, Blockbuster was famous for late fees, right? You're like, oh, gosh, I didn't get it back in the two days or three days or whatever, and they charge me extra. So then it cost you like $50 to run a movie,

Jared Ranere:

right? So it's sort of draw it out a little bit. The framework, it's the functional job here would be get entertained. The solution you choose would be watch a movie. And the way to do that you could consume the blockbuster solution which required driving to a nearby store. Walking around the aisles are my friends and I see this in high school. We'd walk around the aisles for 45 minutes, arguing about what movie to watch. And then you have to bring it home. We'll put it into your DVD player or cassette player. And then Netflix was like, if you want to watch a movie, we can mail it to you, that'll be faster, more accurate. And then ultimately, they said, Why don't when you want to watch it, just click, and then it'll be there on your screen. And that'll be even more fast and accurate to consume a solution of watch a movie. Now, if you want it to compete on the functional job of getting entertained, well, that would be different solutions, such as go to a concert, go to play, drink a bottle of wine, hang out with your friends, go to dinner, go to a restaurant, go to a yeah, those are those are other solutions to get the core functional job done of get entertained.

Jay Haynes:

That's right. Yep. Yeah, that's great. So and, and even though, especially in the US, we consume an enormous amount of media, probably more than what's good for us. There are other entertainment options. And should Netflix get into those markets? Well, of course, you know, you can stream video games. So video games are another way of interacting with the screen. And essentially, Netflix has a platform to deliver stuff to your screen, you know, maybe not as much interaction as you have with a gaming console. But should Netflix buy a gaming console company? That's an interesting question. You know, we saw this very acutely in the pandemic where we, we had analyzed zoom and video streaming services before and said airlines should buy them because they're helping get the same job done. For example, salespeople, acquiring customers, you can use Zoom, or you can get on a plane and go to. And now of course, Zoom is worth more than the airline might be more is more than the airline industry. Today, I haven't checked. A so yeah, so that's an interesting question. And then so there's that the entertainment, you know, the whole scope of entertainment, right?

Jared Ranere:

Yeah. And that kind of leads us back to the original competition question. Right. So you've got the other streaming services, Disney plus, Amazon Prime, you've got HBO, Max, all kinds of content distribution, streaming networks that are playing TV and movies. But then this is something that I don't know, the analysts are talking about. But you do have competition from video games from, you know, eventually the metaverse. I don't know how many people are using those entertainment solutions instead of watching content, as it were. But it could be a serious threat. And to raise that question of should they consider acquiring one of those companies?

Jay Haynes:

Yeah, yeah, I think that's, that's definitely worth the analysis. And what I would say is the also that people are hiring video as a platform for a huge number of jobs. And obviously, in this case, you know, one of Netflix's biggest competitors is YouTube, YouTube, which, of course, is directly getting into YouTube TV, like, you know, competing head on with with streaming services. But the interesting thing about YouTube is that the diversity of content because it is also user generated, it's not curated, like Netflix, means that you can get an enormous number of jobs done with YouTube that you can't with Netflix. So good example, our education for almost anything, you know, my, I play some music with my daughters, you want to learn a song, there's somebody who has posted a YouTube video to tell you how to play the song. I mean, it's just extraordinary. You want to go advanced into music theory, you want to learn, you know, computer programming, you want to learn how to repair your car, you know, there's just an enormous long tail of effectively, you could categorize it as education. And that's true. There's, there's health videos, there's exercise videos, you know, there's professional skills, there's obviously news and politics, not all of it entirely accurate, obviously. But, but there is that does exist. So it Netflix should look at should it, for example, get into user generated content. Now, YouTube is in a dominant platform, obviously, like this, every everybody, you know, posted views, user generated videos on YouTube. But should they should they compete that way? Well, you know, possibly,

Jared Ranere:

yeah. And I think what's worth mentioning there is that it's a solution that could help get jobs done. So first have to figure out what jobs do they want to play and what are the good market opportunities for them where the competition isn't really killing it. So, for example, is, you know, learn a new skill, a job they want to get into, or do is is entertainment big enough for their growth aspirations? And yeah, that that can then dictate this question of should we get into UGC or not, you know, what would be the optimal way to help people learn a new skill, if we want to get into that, what I think is kind of interesting about Netflix is in the entertainment job, they they have done things differently and attempted to differentiate. So one of the things that they do is produce a lot of original non English speaking content. Right, so they make content in Portuguese in Brazil and in Spanish in Spain. You know, there you will be watching things in Korea, and you know, squid game, for example. And that appeals to me for getting a job done that, for example, Disney plus is not, which is, you know, entertain myself, and connect with other cultures and learn about them. And if you are living in a different country, it's not the US it's, you know, see your culture reflected back at you. You know, connect with the with the your identities, et cetera. And Disney plus is not doing that Disney plus is producing large blockbusters only English speaking language. So there's a there's a job and segmentation question there about what the biggest opportunities are Disney plus is better at the job of entertain my kids, keep my kids focused on something else. So I can get a small break in the evening. And these jobs all matter a lot when you're choosing not only what is the platform you deliver on, but what is the content you produce? What are the choices you make about who should be producing your content, the style, they have the nature of the content and what it does for people?

Jay Haynes:

Yeah, and that's a that's a great point, because you do Netflix is also a two sided market, it's got the consumers of the entertainment, and it's got the producers entertainment. And you know, they famously spent an enormous amount of money, buying content, to get it on their platform. And for a long time, that was that seemed to be going extremely, extremely well, they raised a bunch of debt to spend on content, and they had subscriber growth. But you know, are we seeing this kind of peak subscribers at Netflix? And now they've got to pay back all that debt, and they've got to you don't really make it profitable to and grow as well. So the question is, could they use jobs to be done to then figure that out? And I think on the, they could also help the content creators, they could build tools that help people figure out what kind of content that they should actually invest in, because you know, content creation is when it's not user generated content is really expensive, right? So if you're, you know, investing a ton of money in a TV show or movie, you know, mitigating that risk that well, no one's gonna really like this thing. Now, that's exceptionally hard to do. It's not no obvious problem to solve, obviously. But then the same same idea on and I know, they're doing some of this on the kind of recommendation added side on the viewers like, what should I watch? You know, we've mentioned this before, but you know, my wife and I have, like, 27 minutes before, in any given week to watch entertainment, we, there's been 15 of those looking for something to watch, and that it's just a disaster. It's the modern digital equivalent of walking around the, you know, Blockbuster store, not knowing what movie to watch. Right, exactly. And that's still not really fast and accurate. So there's, there's obviously a lot of work they could do there. But I do think it's interesting, the reason I brought up their, their digital shift on the consumption job, is they already at a, at a big juncture in their history made the decision to transform themselves into basically a new platform, which was streaming now, which is effectively, you know, a software platform. And so could you then look at jobs that they wanted to go after, like, let's just say education, or, you know, skills development. And that's a huge market, obviously. I mean, it's very, very big and people are willing to pay for it. And video, the way you're doing it today, even like, just take music, let's say you want to learn a song, it's okay. You know, you kind of watch some guy, you don't even know if it's the actual like, way the songs performed, but it's better than what you know. So you sit down, you try to do it and you know, who knows, it's probably not very accurate. But also there's no tools to say like, Jared you're making progress against learning this song or learning this skill. There's literally just watched the video there's no there's no feedback at all. Yeah, so that they could look at those jobs around learning skills and say, Okay, this is where people Little struggle with that. And there's an opportunity where videos one element of the platform, but they would then need to become even more of a software company. Because remember, they were they were, they were a mailing company. They mailed you stuff. So it was literally a physical distribution company, you can't think of like two more different things and like physically distributing you know, product than like building a streaming services, they really are, even though the end user experiences watching a video, the actual like what it took, and remember, famously, they they tried to separate the companies and their business.

Jared Ranere:

Yeah, I think one thing you're pointing out is, is pretty interesting, which is, when you're choosing growth opportunities, you can look at, what is the job we're in? Is there still room to grow within it? And how would we innovate our current platform to get more of the job done and deliver more customer value against that job? You can also look at, what is our platform good for? And say, Well, what other jobs? Could we move into that aren't our current job? And then what would it take to differentiate from competitors in those markets? So video is good for learning. Maybe we should get into learning? Well, what would we have to do with our platform to really differentiate from YouTube? And as you say, like, well, maybe right assessment, you know, how are you progressing against learning that? And I think that's a that's a really nice strategic framework, right? Is, is how can you is your current job big enough that you can grow within it, and there's ways to differentiate from the competition even further? Or is your platform good for other jobs and you can move into other markets, you could if you can do both at the same time. That's, that's a nice hedge, right, that's a good way to grow a lot. If you have the resources.

Jay Haynes:

Yeah. And they, they are already, you know, a software company, they're delivering, you know, a web app to your browser, where you can log into Netflix or a browser. So to build on that, you know, it's not it's a, it's less of a change than going from a DVD distribution company. Right. And that's what I think is interesting is that, you look and you mentioned assessment steps, and just to remind people, you know, jobs have these series of steps that are, you know, understanding, planning, executing, assessing, revising, concluding, and, you know, in order to get the whole job done, you need to go through all those. So that's a great example of where YouTube, it just doesn't address any of the critical steps. Because it's just a video playback. So it can't do any of the initial assessments, it can't do any of the kind of what you need to revise and your you know, practice routine to learn the skill, like learn how to play the song correctly, it doesn't doesn't have any of that. It could, but that's also a way that, you know, Netflix could really differentiate this, that if you go after they can help user generated content, but they also could be a platform for creators to create content that then does get the whole job done. And that is, we see that again and again, in markets that like the real innovation comes from from platforms, they get more and more of the job done. Right. And you know, there's a gazillion historical examples of this right. Even even Kodak which I love is you know, one of the one of the great companies for 60 years that one of the reasons they succeeded is because they got the whole job done their first camera the brownie. This people remember they've seen it these old movies were like to take a photograph you had to be a chemist, right? You stood there with the thing you put over your head and like this, you know, powder based flash and then you had to take it back into your chemical laboratory to be able to develop a photograph. And Kodak got more of the job done. They their brownie campaign was one click and we do the rest. So that you had a camera you clicked it and you know you did you mailed it in and Kodak chemists would you know make a photo they developed for it and send it back and the brownie was a dominant product for 60 years. I mean, it was an enormous success. It put Kodak you know, on the map made it one of the greatest companies of the time. And then they went bankrupt. Because they stopped innovating, in in getting the job done better and getting all the job done. Right. You still needed a Kodak camera and you had to ship the film somewhere to get the hell out. And then digital cameras came along and like, what there's no developing film, you know, my children just think that's just absurd that like to pick up your photographs, or they take 1000 pictures a day, right? Yeah. So yeah, so that's such an example of where, you know, you're always at risk. If you're not expanding what you're doing for your customers and for Netflix. That's the content creators as well as the viewers.

Jared Ranere:

Yeah, and it's interesting thing about getting into other jobs. We talked in a couple episodes ago about travel, and how virtual travel could be a threat or partner to Airbnb. And that's a video platform in the certain to a certain extent, right or streaming platform, right, you could imagine how Netflix could take some of their international content, and position it as a trip, essentially kind of getting the same job done as a trip would, which is, you know, exploring a new culture, learning about it, exploring a new place. And that's a I think, you know, travel video content helps you do that. So, is there something they can build, in addition to just showing you the content that helps you feel that way? You know, can you interact with people who are watching that content who are from those cultures, and from those places, and so you can experience it more richly, more deeply? You know, what can you do around the streaming of the video to make a travel experience happen?

Jay Haynes:

Yeah, yeah. And of course, you mentioned the metaverse, that's, you know, I'm we talked about this before that is, and I would be surprised if Netflix is not looking at this in detail. But in detail that would be you know, obviously a huge mistake, at least not assess it. And you know, we talked about this before, what is the metaverse useful for? Like, that's gotta be the, you know, there's got to be an annoying job, it gets done better. And certainly for entertainment. It's, you know, it's gonna be, you know, pretty amazing. And you can already see that in the early, you know, metaverse. But you're right. I mean, it could be that like, we really do just experience movies, or whatever the movie version of the metaverse is in 3d is pretty, it's pretty amazing to be, you know, in a narrative, not just mentally, but it literally physically looks like you're in the space where the narrative is taking place. That's extraordinary. And you're right, that means that then that type of platform also enables you to get a ton of jobs done in that platform, in the same way that the internet as a streaming platform enabled jobs to get done in a very different way. And that's what I think is, is interesting, as well as this long tail aspect of YouTube, where you really have just because you you set up a different platform, you have the ability to get so many more jobs done, you know, Blockbuster was not going to rent videos that enabled you to figure out and obscure song by an obscure artists, right, there's no money in it, right? Because you have to have that physical store presence, and you have to inventory in the inventory is costly. And you got to make sure if someone can find that it's even in your store, you know, etc. Whereas, you know, if you type in, you know, obscure Herbie Hancock song you want to learn, you know, you can probably find some, some video of it on on YouTube. So it's enabling these jobs for the platform. And that's true with the metaverse, you'd still want to start with studying the jobs, you know what they are, but you should take into factor in the fact that there isn't this new platform that could get the job done better.

Jared Ranere:

Yeah, and it's an interesting way to think about it would be that when the cost of production of content production is really low, you can get more jobs done, you can you can spread across a wider variety of jobs. But you're less likely to get all of one job done, right? Get all the steps done. Yeah, when cost of content production is high, you can really zoom in on one job and nail it from step one to step 12. However many steps there are. So it's a that's a strategic choice as well, right to go shallow across a lot of jobs, hundreds, like YouTube does, or to go really deep in you know, a few and and deliver full value to a more premium market. And that's that's something that, you know, Netflix is is kind of middle the road there, right? You have to pay monthly, which is a lot more than what you have to pay YouTube, which is nothing. Right? So so the pricing model impacts how much of the job customers might expect you to get done and how well they expect you to get it done.

Jay Haynes:

Yeah, yeah. And it's interesting, the the opportunity to get the job done better, really should guide all of the decision making. And I think Netflix now is a good example of where companies can capitalize on some big platform changes that happen and they do happen. So for example, you know, airlines the invention of the airplane, like, obviously, that like created the opportunity for a type of travel, just, you know, 10x speed, then you could get by, you know, trains or cars. And that was true for the internet, you know, it was clear that people were going to really adopt streaming because it was faster and more accurately that, you know, it didn't take a genius to say like, well, it's gonna be a better experience, if I can just click this button, and it shows up on my TV, rather than having to go down to the store, get my car, you know, etc. I remember streaming stuff when it was, you know, 120 pixels wide. And, you know, it look worse, looked worse than 1970s. Television was terrible. But you could, you know, you definitely were not going to watch a Hollywood production on it. But like Moore's law, it didn't take much to figure out that bandwidth costs were dropping dramatically, and they were essentially going to become free. And that, combined with bandwidth, cost, also, the speed of bandwidth combined was much faster computers, we were going to hit a digital media, you know, tipping point. And, and even Steve Jobs, you know, remember when he came back to Apple, this is this is basically what he said, our strategy is digital media, we're going to make the Mac into a digital media hub. And then of course, like they added on the iPod, he knew that media was gonna go digital, you know, 1000 songs in your pocket is so much better than walking around. I had those secret changers, you know, we had like 300, CDs and each. Like, it was his a nightmare. That was better than having a record collection, because I could literally have my three CD changers play music all day long. But, but clearly 1000 songs in your pocket was better. And clearly zero songs on your pot, or an infinite number of songs in your pocket was even better. Right? That's what streaming is. Yeah.

Jared Ranere:

And Google made that bet with YouTube, right? When they bought YouTube, it wasn't high quality. It was. It was it was incredibly slow to upload your videos that were all kinds of problems with it.

Jay Haynes:

Yep. And, and that was true of Gmail. You know, Steven Levy wrote about this, which is, remember, Gmail launched, and they gave everybody a gigabyte of storage, right? And people were like, that is nuts. It's gonna bankrupt the company. And then Google just dug them out. They were like, well, the storage is dropping to the cost per gig is going to be do you know, almost nothing. And the value of having people has store all their email and having the data about people, you know, the, that's the privacy question. Yeah. Which is a separate issue. But clearly, it was gonna make sense. To have you know, web based email is just, you know, you're gonna log in from mobile devices, you can access all your mail, it's much better remember, you have to use to have to store locally, all your attachments, you'd have to, you know, you'd have to delete it, because eventually it would take over your harddrive. You know, that seems like insane now, but it's it's really analogous that to what Netflix is doing, so they've got to be looking forward and saying, Okay, are we going to stand still here in this view of streaming? Or are we going to help get more jobs done with the shifting technology that we know? I mean, the metaverse is going to come, you know, yeah.

Jared Ranere:

Now, I think web 3 is another great example, which is like streaming was 15 years ago, in the early 2000s. were difficult to use. It has some technical problems. But when you conquer that, at the end, there's some payoff, right? And it depends on what party went through. You're talking about what part of crypto you're talking about. But it's easy to look at it and say too hard to use, doesn't make sense. I don't get it, why bother. But if you start to look at some of the underlying jobs, that if you can overcome some of the difficulty to use today, that could get easier in the future, and how it gets those jobs done and what the payoff is against those jobs. You can see why there's so much money pouring into it. Yeah. So I think that's the key is when the consumption aspects are really, really difficult. But some people are overcoming those any ways to do it, then then ask why, like, what is the value? What does it pay off? They're getting at the end, what job? Are they able to get done on this platform, even though it's hard to use today, and assume it's going to get easier? And that's where there's there's big opportunities?

Jay Haynes:

Yeah, I mean, web three, I think is a whole different discussion, obviously. But but the idea I agree with is that you've got if you're deciding what your product strategy should be, and what you should do with your product roadmap, and where should you point, your roadmap in which direction? You've got to factor in what's happening with these platforms? Because they're changing incredibly fast. I mean, nothing has ever accelerated like this in the history of human evolution over millions of years, literally, it's just unbelievably unprecedented. And the rate of change is accelerating, which is hard to grasp. So that the rate of change is increasing every year. So that that does mean that you've got to look, the good news is the customers jobs don't change, like that is the stable target. If you're trying to just hit another like technology wave, because you're like, hey, let's do web, let's be blockchain. For what reason? Are you doing blockchain? That's not a good bet. But if you're saying, Okay, we're gonna start to target these jobs. They're very underserved. And, and there are some underlying platform changes that are emerging that clearly could relate to getting the job done better, right? So so maybe web three, a good example would be that if if you can have more of your identity, and all of your data secured around you, rather than stored in these silos called Google, or Facebook, or Amazon, right, so that if you had your identity, then if you went to Netflix, you're like, here's my identity, get telling me what to watch tonight, because I got 30 minutes before my kids scream at me, and I just, you know, want to be entertained for 30 minutes.

Jared Ranere:

Yeah. Then other thing you can look at is NF T's. Right? So what, you know, should Netflix get into NF T's? Well ask the question, what job might it help with, and, you know, actors and creative people who are making video content, want to connect and monetize a fan base, the fan base wants to connect with their the artists that are creating it, you know, there's people magazine is a solution for that. It's been around for a very long time. So can you do something within NFT, where the fan feels like they own some aspect of the content, and they connect deeper with the artists behind it. And therefore it helps them get that job done better, and it helps the artists monetize their fan base better. So it's not the fact that it's the NFT it's the fact that it helps those underlying jobs get done better.

Jay Haynes:

Yeah, yeah. And, and I think this is a great way to look at what could potentially happen and Netflix, because if they just maintain themselves as a streaming service, and at the end of the day, what they're doing is you log in and click around and try and watch a movie or a television show. That's not a good strategy, that that will exhaust itself. And you know, we're kind of seeing it top out right now they're forecasting, losing 2 million subscribers. That's, that's not growth, by definition, so it doesn't mean it's all over for Netflix, they've been very good in the past and making this type of strategic shift. But this is where I think if if you wanted to compete with them, as we always say, you would not want to create a Netflix, you know, look like, and that's kind of unfortunate. I mean, Apple, you know, has created apple plus, it's kind of a disappointing thing, in my view for Apple to do. I mean, I know that beats Yeah, Apple TV. It's like, do we really need Apple making Jennifer Aniston, you know, series, like, that's, that's what Apple needs to get all the problems in the world they could solve. That's it. And, you know, they make some good stuff. And they've won some awards, because they're just, it's like, high quality company. So of course, they hired high quality, you know, Hollywood to make high quality stuff. So okay, fine. But there's so many other jobs, they could go after her. And, and it's gonna get really competitive it already is. And I think that's where Netflix would benefit from thinking differently. I mean, certainly Apple, you know, is big enough, they can spend whatever they want to buy.

Jared Ranere:

Yeah. And they have a user lock in that. Netflix doesn't have which so when they get into when they when they make a me too product, they have a customer acquisition strategy that helps it get off the ground, does it? Yeah, it's gonna last forever, but it helps it a lot.

Jay Haynes:

Yeah, yeah. And, you know, there's so much that as a streaming platform, you you could if you looked at different jobs, expand the platform from, you know, we've talked about education, we mentioned a little bit like health and exercise. I mean, you know, people definitely need to improve their health, you know, news, politics, voting, creating a more informed citizenry, you know, being a new type of news organizations that does, you know, try and filter, there's a ton of opportunity there. And by the way, CNN plus is, is is a great example of where if you wanted to go after that market, do not just create a streaming service for news that people have to pay with, right, it failed in like 48 hours or whatever, because it's just it's undifferentiated. It's not getting the job done differently. So you want to look at the job and say, well, if we're gonna do this for news, which is a big market, like how would it be different like, what would be different about it? And that was where he'd want to figure out like, where people are underserved where the target segment is all that. So there's, there's no short Did you have market opportunity from jobs that are likely underserved? And I think that would is where Netflix could fend off competition and you know, turn around and ride the ship and continue to grow?

Jared Ranere:

Yeah, that's I think that's a great idea.

Jay Haynes:

Yeah, great. Well, thanks for listening that's a good spot to end. Remember to subscribe and like to this podcast and if you want to learn more about jobs done innovation methods, visit us at Thrive that calm that is t h r v.com.

Intro to the current state of Netflix
What "job" is Netflix competing for and who is the competition?
How Netflix could use JTBD to get over their market issues at the moment
What "jobs" could Netflix expand to?
Could Netflix use the metaverse to expand their "jobs"
How big companies like Netflix can capitalize on big future platform changes