For Thursday's presentation, I responded to the question of the week: “How does media convergence influence new media markets?" I presented my case study on Netflix and how it is dominating the market and moving towards a monopoly.
Netflix has changed the way we look at online streaming. Netflix now has more than 50 million subscribers and continues to dominate the online streaming industry (Faughnder, R.). It also relates to media convergence because Netflix has been able to incorporate DVDs and online TV shows, while also making it accessible on different types of technology. It is important that Hulu, Amazon, and other companies integrate different forms of media if they want to keep competing with Netflix. The main points in my presentation were that Netflix is growing and expanding and has had many accomplishments. Examples of this are: the Gotham deal, the various Emmy awards Netflix has received recently, and how it is expanding into more than 40 countries.
The class discussion went very well and everyone had great input. I mentioned that it was important for us to watch Netflix this next year to see how well they do. The two questions I asked the class were: are there any companies they see beating out Netflix, and what do they think the future of TV and DVD will be. I agreed with the statement one of my classmates made about how he believes that DVDs will go away and people are going to decide to get it online rather than having to buy a disc to watch it. This helped answer the question of the week because the class agreed that online streaming is becoming extraordinarily popular. Online streaming shows how old and new media are continually converging and shaping the way we live our lives.
Faughnder, R. (2014, July 22). Profit up as Netflix reaches 50 million customers. Los Angeles Times, p. 1.
Greenwood, J. (2014, September 2). Netflix making cable up its game; Video company changed face of television. National Post's Financial Post & FP Investing, p. 3.
Pallotta, F. (2014, September 5). Netflix swoops in to stream 'Gotham'. CNN Money . Retrieved September 6, 2014, from http://www.cnn.com/
Sevilla, G. C., & Herald, C. (2013, December 4). Netflix online revolution outpaces the competition; Streaming service has more viewers than HBO. The Calgary Herald (Alberta), p. 7.