Netflix Mission Statement, Netflix Mission & Vision Analysis, Netflix Core Values, Netflix Corporate Values, Netflix Company Values, Netflix Mission Statement, Netflix Mission Statement, What is the Netflix Mission Statement, and Netflix Mission Statement 2021
An overview of Netflix
Founded in 1997, Netflix has grown from a DVD rental business to the world’s most popular streaming service. From 2001 to 2022, the number of Netflix subscribers has increased from less than 500,000 to 230.74 million. The streaming giant has millions of paying customers in over 190 countries and attracts subscribers faster than rivals. See also: Nike Mission Statement 2023 | Nike Mission & Vision Analysis
Netflix’s tremendous growth over the years is attributed to the variety of original content and how the business operates. It offers original series, movies, documentaries, and feature films in different languages and genres. In January 2023, the company changed its leadership structure by introducing co-CEO Greg Peters to manage the business alongside Ted Sarandos. Reed Hastings (co-founder) has stepped down as CEO and will remain chairman.
So, why is Netflix so successful? Well, it has something to do with its mission and values. Here is an in-depth analysis of Netflix’s mission statement, core values, and culture:
Company Name: Netflix, Inc.
Company Former Name Kibble
Year Founded 1997
Founder Reed Hastings, Marc Randolph
CEO Reed Hastings, Ted Sarandos (co-CEO )
Headquarters Los Gatos, California, USA
Total Subscribers 210 Million
Company Type Public
Annual Revenue $26.392 billion (FY21)
Operating Income $3.759 billion (FY21)
Areas Served Worldwide, except China, North Korea, Syria, and Crimea
No. of Employees 9,400 (2020)
Netflix Mission Statement
Netflix’s mission statement is:
“We want to entertain the world.”
What it means:
Netflix’s mission statement consists of two elements:
- Best-in-class entertainment:
Netflix has invested heavily to give consumers access to best-in-class TV shows, movies, and documentaries with industry-leading video quality. Over the years, the streaming giant has accumulated an extensive library of originals, which viewers can access with a single subscription.
It is one of the few platforms that keeps viewers’ experiences from advertisements. Netflix also offers quality app support, control, and a customized interface for kids. It is fulfilling its mission to deliver best-in-class entertainment experiences to the masses.
- Global Dominance:
Netflix has 230 million subscribers, followed by Amazon Prime with 150 million and Disney Plus with 87 million.
The streaming giant is available in over 30 languages and 190 countries, with 74 million users in the US and Canada, 76.7 million in EMEA, 41.6 million in Latin America, and 38 million in the Asia Pacific. The company is strengthening its global dominance.
Here is an in-depth analysis of Netflix’s ten core values:
- Judgment. Netflix makes wise decisions despite ambiguity. Since its founding, the company has focused on identifying the root causes of existing problems in the sector and providing disruptive solutions. Its decision to switch from a rent-by-mail DVD service to a streaming platform was strategic and set the company on a path to success. The founder’s data-driven judgment enabled Netflix to become the largest entertainment company by market capitalization.
- Communication. Netflix values concise and articulate communication. It strives to adopt an effective communication style to engage with people worldwide. The company has elevated non-English-language content to the global arena. Viewers globally can now sample the content, culture, and ideas of other communities beyond their region.
- Curiosity. While most companies prefer to specialize in a niche, Netflix is curious about opportunities outside its comfort zone. “We believe that great stories are universal; they come from anywhere and are loved everywhere,” says Netflix.
- Courage. Netflix takes risks and does not shy away from uncomfortable decisions. It rewards employees who demonstrate their values and can fire those who don’t. While this value seems simple, it effectively reinforces the company’s values.
- Passion. Netflix inspires a thirst for emotional connections. Its recommendation engine uses an algorithm to predict the best movies, documentaries, and series for viewers. This industry-leading search engine surprises consumers and builds personal connections by engaging their emotions. Personalized offerings make customers feel intimately connected with Netflix.
- Selflessness. Unlike other profit-minded streaming companies, Netflix maintains an ad-free platform even though it can generate billions of dollars through paid ads. This selfless decision highlights that Netflix is more concerned about viewers’ experiences. “It’s a belief we can build a better business, a more valuable business, without ads,” said Netflix co-founder and CEO Reed Hastings. The company values selflessness and does what is best for all parties.
- Innovation. Netflix is all about creating new ideas by reconceptualizing issues to find solutions to perennial problems. Before Netflix launched its video-streaming platform, consumers spent time going to movie theaters or waiting about two years for the DVD. Netflix’s innovative platform has addressed these problems for good. Now, consumers can access the latest content without leaving their homes. Netflix values innovation.
- Inclusion. Netflix nurtures differing options and collaborates with people of diverse backgrounds and cultures. In his quarterly letter dated January 19, 2021, CEO Reed Hastings highlighted that Netflix is increasing collaborations. The company will release at least one new movie weekly in local languages. Inclusion is ingrained deep in Netflix’s DNA.
- Integrity. Netflix does not compromise when it comes to authenticity and originality. This value is evident across all levels of Netflix’s business. In a recent interview, Srishti Behl Arya, a director at Netflix India, highlighted the company’s commitment to integrity, transparency, and originality. “We have always been very responsible not to hurt any person, group, or religion. We just want to entertain people with amazing and authentic stories,” said Behl Arya.
- Impact. Netflix demonstrates strong performance by focusing on results over process. Instead of controlling its staff, Netflix provides context to get the best results. It outlines a culture based on company values that has an impact beyond its performance. This approach is revolutionizing HR practices across the world.
Netflix’s culture is built around a simple philosophy: “People over process.” This core philosophy ensures all employees work together as a dream team, enhancing flexibility, creativity, and collaboration. To live by this philosophy, Netflix’s unique culture deck is anchored on five elements:
- People Empowerment: Netflix encourages independent decision-making among employees and gives its employees opportunities to shape their careers. It shares its experiences, best practices, and challenges to help people improve their lives. Netflix’s decision to scrap yearly reviews ensured that performance was part of regular conversations within the company.
- Transparency: Netflix believes in honesty and treating people with respect. It takes employee feedback seriously and encourages the sharing of information. According to Netflix’s former Chief Talent Officer, Patty McCord, “sugarcoating feedback defeats its purpose.”
- Friendship: For Netflix, entertainment and friendship are fundamental human needs. When these elements come together, the workplace is joyous and full of laughter and empathy. It ensures that teams work as friends and achieve success without heavy-handed supervision. Netflix nurtures this culture of freedom and responsibility, which many companies in Silicon Valley have emulated.
- Hire the Best: Netflix believes that high talent density drives success. The company focuses on finding the top performers and pays top dollar to retain highly effective employees. “We’d be relying on one tremendous person to do the work of many. But we’d pay them tremendously,” says CEO Reed Hastings.
- Avoid Rules: Since its founding, Netflix has gone against the norms. It has nurtured a disruptive culture and set itself apart from competitors. Incumbents like Blockbuster stuck to the rent-by-mail DVD business model and lost. On the other hand, Netflix switched to streaming services. This disruptive decision set Netflix on a path to success.
References and more information
- Dean, B. (2021, February 25). Netflix Subscriber and Growth Statistics: How Many People Watch Netflix in 2021? BackLinko
- Jarvey, N. (2020, December 28). Netflix co-CEOs are set to earn more than $34 million in 2021. Hollywood Reporter
- Webb, K. (2021, March 22). The best streaming services you can sign up for in 2021 Business Insider
- Iqbal, M. (2021, March 9). Netflix revenue and usage statistics Business of Apps
- Netflix: Culture, Values, and Principles netflix.com
- James, K. (2020, October 12). The Rise of Netflix: A Data Analysis, Medium
- Digital Insights (2021, January 18) Netflix elevates non-English-language content to the global stage. Digital I
- Indeje, D. (2020, October 21). Diversification and Partnerships with Telcos to Drive Netflix Growth in Africa Khusoko Digital
- Editorial (2020, February 26) How does Netflix do performance management? Perform Yard
- Choy, M. (2021, February 19). What Netflix’s recommendation systems can teach us about the computing challenges of the near future Forbes
- Smith, B. (2020, September 10). Netflix’s CEO says the streaming service’s decision to be ad-free isn’t ‘a philosophical thing.’ Business Insider
- Webster, K. (2020, September 14). What Innovators Can Learn From Netflix PYMNTS
- De Silva, D. (2021, April 11). Netflix Banks On Local Language Original Content To Retain Its Market Leadership NASDAQ
- Sahani, A. (2021, March 5). Srishti Behl Arya on new Netflix releases: ‘We want to entertain people with amazing, authentic stories.’ The Indian Express
- Fuhl, J. (2020, November 17). Seven ways Netflix reinvented HR
- Netflix. Culture. Netflix.com
- Alberti, S. (2020, September 7). How Netflix is developing its employer brand in 2020 HDR Connect
- Sharma, K. (2020, May 21). 5 Things That HR Managers Can Learn from Netflix’s Company Culture Get Happy
- Yang, C. (2020, November 12). How Netflix Reinvented HR with Patty McCord Station F Co.
- Hastings, R. (2020, September 8). Netflix CEO on paying sky-high salaries: The best are easily ten times better than average. CNBC
- Dysenhaus, M. (2020, February 11). Why Netflix is winning the entertainment battle The HBS Digital Initiative
- Featured image by CardMapr.nl on Unsplash