A great Insite from Amanda Johnstone
Why does Netflix manage to reinvent itself over and over again?
When Amazon CEO Jeff Bezos was asked in an interview who is the biggest competitor to Amazon Video, he told Netflix.
When Apple CEO Tim Cook was asked in an interview who is the biggest competitor to Apple TV+, he told Netflix.
But when Netflix CEO Reed Hastings was asked who is Netflix's biggest competitor, he told Tik Tok.
A company who can completely turn his business model upside down with a new customer behaviour!!
It was Youtube at the time that Reed Hastings woke up that online videos are the future & his DVD rental is doomed. If he had compared himself to the video counter market leader blockbuster - Netflix would have been history long ago.
“My direct competitors determine my price pressure, my customer acquisition costs, my profit. This is where I have to deliver in order to be able to play. But my prospective (implicit) competitors determine my entrepreneurial survival & the durability of my business model.
Only those who are wondering with whom I really compete for usage behavior & attention will wake up early enough & be able to reinvent themselves.”
Who is your competitor ?
#innovation #leadership #disruption #strategy
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