To kick things off:
in the streaming market, Netflix is the biggest and most mature business which has entered nearly every major market, with the notable exception of China. That said, everyone here on Blu-ray.com is probably aware of the rapid rise in competition, from major flagship alternatives like D+, P+, HBO Max, Peacock, or Hulu, alongside small and midsize options like AppleTV+, Discovery+, etc. Even non-movie-streaming services are considered competitors. For Netflix's sake though, there probably are a number of things which can be done to retain their leading position. In my opinion, these things would be obvious conversations for them to be engaging in:
Plans
- Currently (in the US) their plans' competitiveness has waned a lot. For $9.99 you don't even get HD. For $15.49 you aren't getting UHD. And for their top-of-the-line plan you're closing in on $20/month, far more expense than key competitors. Supposedly they're looking into an ad-supported plan, but that should be less than $10/month, and their $10/month plan should include HD, with the 4K plan moving down to the current "Standard" plan's price point. They likely wouldn't do that last suggestion to protect revenue, but I think it'd be wise in the long run.
Content
- Quantity over quality, in my opinion, is where Netflix has been in recent years. As more iconic content moves elsewhere (The Office, Friends, MCU Netflix shows), Netflix needs properties which they can rely on long-term and that large numbers of consumers see as essential to their entertainment. There are still popular Netflix Originals such as Stranger Things, Bridgerton, or Squid Game, but they need a better proportion of their content to be at that level (quality, not budgets). I would also speculate it's a pretty common opinion around here that Netflix has struggled to make many good movies which can compete with Hollywood studios' annual output, and so even in 2022 there are few Original movies as well-regarded as Roma, The Irishman, Hush, etc.
- Licensing deals with the major studios probably shouldn't be a focus as much anymore, except for Sony. Making deals with AMC, Lionsgate, and smaller distributors makes more sense as a way to build out their licensed library in the current environment. Maybe one or two of those would even be appealing from an acquisition standpoint.
- Sports and news are among the last two frontiers left that streaming hasn't fully figured out. Netflix should look to be at the forefront of both, offering content without alternatives on HBO Max, Paramount+, or Disney+.
Theatrical
- There's only so much to be made here, and so far it's more that theaters don't want to make a deal happen, but Netflix should continue seeking theatrical showings of their more promising films. For shows with huge demand (or with high hopes), doing theatrical "preview" runs for several weeks with two or three episodes could be interesting. That was attempted with Inhumans, but the widespread criticism of its quality (including visual quality) is what I believe failed, not the concept.
Merch
- They've been exploring this, and should continue. Many options exist here as a way to expand upon and maintain fandoms. And frankly, I agree with others that they should sell physical media of their own content.
Gaming & Music
- Mobile gaming has been their focus so far, and I think they should avoid any notion of streaming triple A games competitively. It'd be a huge drain on resources with little prospect for success if Google's endeavor is any indication.
- Music may be worth looking at. Competing with Spotify and others wouldn't be easy, but could be worth consideration.