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Netflix’s Focus on Original Content: Insights from Co-CEO Ted Sarandos

Streaming giant Netflix is currently prioritizing the development of original content that embodies local authenticity, appealing to audiences directly rather than catering to critics or media executives. During a recent keynote address at the Royal Television Society’s (RTS) London Convention 2024, co-CEO Ted Sarandos articulated this vision while Netflix served as the principal sponsor of the event. Sarandos emphasized that understanding the authentic tastes of local audiences is crucial for the company’s continued success in a rapidly evolving entertainment landscape.

Celebrating British Successes

During his keynote, Sarandos shared insights about Netflix’s British hits such as Baby Reindeer, which recently garnered significant recognition at the Emmy Awards, with star Richard Gadd clinching both the Best Actor and Best Writer awards in the limited or anthology series category. As he prepares to release the latest audience engagement report on Thursday, Sarandos revealed that the top four streamed shows on Netflix will all originate from the U.K.: Fool Me Once, Baby Reindeer, Bridgerton, and The Gentlemen, collectively reaching an astonishing 360 million households worldwide.

The Importance of Adaptability in Streaming

In today’s streaming era, Sarandos highlighted the importance of “choice and control” for viewers, which he sees as fundamental to the industry. He reflected on Netflix’s early challenges, particularly the painful decision to pivot away from its DVD rental model to focus solely on streaming, a decision he compared to the philosophy of Steve Jobs regarding the importance of “cannibalizing” one’s own business as a means of continuous innovation.

Sarandos noted, “Today, our members can immerse themselves in a world of entertainment at a fraction of the cost of a box set of The Sopranos from 2007. Importantly, they don’t have to endure a lengthy wait for episodes to release or for films to complete their theatrical runs.” This enables viewers to enjoy the shows they love without unnecessary delays, enhancing their overall experience.

Understanding Audience Preferences

Sarandos elaborated on how audience preferences drive content decisions at Netflix. He pointed out that contemporary viewers are generally indifferent to conventional release windows, stating, “They never discuss it over dinner.” He further added that Netflix possesses a unique scale that allows the platform to invest heavily in films—up to $200 million—enabling them to release directly on the service without relying on theaters for recouping costs, a model he believes can often be inefficient for distributing certain films.

The Necessity of Diverse Content Offerings

Addressing the question of whether Netflix requires such a vast catalogue of shows and films, Sarandos affirmed the necessity of catering to diverse tastes. “You can’t program just for one sensibility,” he said. Instead, he advocated for a comprehensive approach that considers the preferences of various audiences, stating, “People who adore The Crown often also revel in Dolly Parton’s Heartstrings.” His unifying message was clear: “Put the audience first,” urging industry professionals to view their projects through the lens of a fan, rather than through the filter of critics or corporate executives.

Furthermore, Sarandos argued against the notion of targeting a “global audience” with content, stressing the importance of local authenticity that resonates genuinely with viewers. He cited Supacell and Baby Reindeer as prime examples of how being “authentically British” enabled local productions to achieve global success, further validating the need for a dedicated local approach.

The Art and Science of Content Creation

Emphasizing that the success of content relies more on artistry than on algorithmic precision, Sarandos made it clear that success cannot be reversed engineered. “If that were the case, Netflix would never see any flops,” he admitted candidly. Despite owning a smaller portion of the intellectual property in its U.K. catalog—less than 25%—he expressed excitement for the boundless potential in television today, asserting that today’s generation values storytelling more than ever.

Recognition of the U.K. as a Creative Hub

Reflecting fondly on Netflix’s early days, Sarandos shared a memory from the RTS event seven years ago when he showcased the first trailer for The Crown, a project that turned traditional conventions upside down. His admiration for the U.K. as the “birthplace of prestige television” was palpable, especially as he announced that the company has invested an impressive $6 billion in the region since 2000. With over 30,000 cast and crew members involved in more than 100 productions, including popular titles like Bridgerton and Knives Out, he praised the U.K. for its creative talent, production incentives, and industry education, exclaiming, “Britain has become one of the best countries for TV and film!”

Personal Insights from the Co-CEO

Sarandos shared a personal moment, describing how he and his wife enjoy watching different types of content together. One of the recent shows they binged was Emily in Paris, which his wife particularly enjoys, revealing his adaptable taste that allows him to appreciate a variety of productions.

Netflix has achieved a significant milestone, marking its 12-year tenure in the U.K. and making history as the first streaming platform to sponsor the annual RTS event. Anna Mallett, vice president of production for EMEA/U.K. at Netflix, highlighted the promising trajectory of the U.K. entertainment industry, which is poised to surpass £100 billion ($132 billion) this year.

Future Growth and Opportunities

During a previous conference in London, Sarandos’ co-CEO Greg Peters discussed the impressive growth potential within the entertainment industry, which culminates in a total revenue opportunity exceeding $600 billion when you consider streaming, linear television, advertising, and gaming. The numbers spoke volumes, detailing $300 billion in streaming and linear subscriptions, $180 billion in advertising, and $140 billion in consumer spending on gaming.

Furthermore, Netflix outperformed Wall Street expectations during its second-quarter report, demonstrating strong subscriber growth with 8 million new additions, bringing the total to an impressive 277 million worldwide. However, the company tempered expectations for slower growth in the current quarter, attributing it in part to the successful crackdown on password sharing implemented a year prior. While some analysts expressed that the results didn’t significantly influence their financial forecasts or views on Netflix’s stock, a few did raise their price targets on the stock in light of the performance.

How AI legalese decoder Can Help

In an increasingly complex entertainment landscape, the need for clear legal communication has never been greater. Platforms like the AI legalese decoder can play a critical role in smoothing the process for content creators, distributors, and legal professionals. By translating intricate legal jargon into understandable language, the AI legalese decoder ensures that stakeholders can more readily grasp the implications of contracts, distribution agreements, and copyright laws. This understanding is particularly essential in an industry that operates on a global scale, where legal nuances may vary significantly across regions.

Thus, while Sarandos focuses on delivering engaging content that caters to diverse audience preferences, the AI legalese decoder can support the industry’s intricate legal framework, empowering creators and executives alike to navigate their legal obligations effectively while maintaining a focus on innovation and audience engagement.

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