Financial structure and aspects of Netflix

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МІНІСТЕРСТВО ОСВІТИ І НАУКИ УКРАЇНИ

СУМСЬКИЙ ДЕРЖАВНИЙ УНІВЕРСИТЕТ

Навчально-науковий інститут бізнес-технологій «УАБС»

Кафедра міжнародних економічних відносин

КУРСОВА РОБОТА

з дисципліни «Міжнародні економічні відносини»

«Financial structure and aspects of Netflix»

Спеціальності 292 «Міжнародні економічні відносини»

Студента ________ курсу _____________ ________________

групи ___________

Керівник ____________________ ______________

Суми - 2019 рік

Contents

Anotation

Introduction

1. Company exposition

1.1 The Fascinating History of Netflix

1.2 Why Netflix called Netflix

1.3 The future of Netflix

2. Netflix's Financial Analysis

2.1 Financial Strength

2.2 Netflix profitability

2.3 Global profit and cash flow

3. Business structure and shareholders

3.1 Business model

3.2 Shareholders and ownership structure

3.3 Top Netflix products

Conclusion

Sources

Anotation

Bolbit I.J. Financial structure and aspects of Netflix : ? Course project. Sumy : Sumy State University, 2020.

Course project is devoted to the study of streaming platforms, their structure, progress and place on the world market today. The theoretical aspects of Netflix functioning, prospects of development among the most developed brands in this field are determined. Netflix business model, financial structure and earnings and investment statistics, life cycle, and organizational structure are analyzed. A comprehensive analysis of the company's work was performed using different methods.

Key words : streaming services, cash flow, global profit, financial statistics.

Introduction

Revelance of the topic: Netflix is an American entertainment company that provides movies and TV shows consign on streaming media. It was founded on August 28, 1998 by Reed Hastings and Mark Randolph. Headquartered in Los Getos, California. Since 2013, Netflix has been producing its own films, series, and television shows. In 2016, the company released 126 original series and films - more than any other network or analogue channel. As of January 2019, the company had 139 million subscribers around the world, including 58.49 million in the United States.

Purpose of study: is to analyze financial structure and business model of Netflix company. Study financial aspects of the company and make analysis of statistics of investments and profit of Netflix company.

Object of study: Financial structure of the company including Netflix business model of the company and, shareholders list and ownership details.

Subject of study: Financial aspects and details of structure and model of the streaming services in entertainment industry.

Research methods: Basic analysis of financial aspects of company and its statistics and studying details of business model.

Information base of research articles, statistics, analytical data of experts and publishers.

1. Company exposition

1.1 The Fаscinating History of Netflix

financial netflix analysis

The company was founded in 1998 by Reed Hastings and Mark Ramdolph. Entrepreneurs started the business together, but Hastings undoubtedly played a more significant role in the formation of the company, being not only a good specialist, but also an excellent businessman. Both founders were not new to the IT industry. Prior to this, Reid founded the company Pure Software, sold in 1998 for $ 700 million. Randolph was one of the leading specialists in it. Once, Reed and Mark noticed a free niche in the video rental market due to the inconvenience of existing salons and services. Thinking about this, the future founders of NETFLIX set about creating a more convenient method for renting films and TV shows. The model of work was built in such a way that, using the services of the service, a person could rent a film. In order to get a disk, it was not necessary to go to a store or office - everything was easily arranged using mail and bank payments.

According to one version, the idea of ??a new business was prompted by a fine from Blockbuster video show for not delivering the DVD with the Apollo 13 movie on time. Hastings himself said that since studying at Stanford he remembered that transferring data in small pieces is less efficient than the whole.

Be that as it may, entrepreneurs have launched a service in California that allows them to order a DVD with a movie at home for a fixed amount (four dollars and two more for delivery, then introduced another monthly subscription). Businessmen relied on the lower cost of transporting smaller mail items, so they delivered discs without covers, using distribution centers throughout the country. Five years after its founding, the company went public, it was valued at a billion dollars, then it had five million subscribers across the country.

NETFLIX officially began operating in August 1997. The initial staff of the company was 30 people, at the box office there were no more than 900 drives. There were several large competitors on the market, among which the Blockbuster network stood out with annual revenues of up to $ 5 billion. They are so far didn't work online, but could start - and easily erase a starting business to powder. Hastings understood that in such circumstances it was necessary to act quickly. To attract an audience to the site, the founders set about creating special promotions for users.

By 1999, NETFLIX had grown to 110 staff and more than 250,000 drives. This is largely due to the complete rejection of online sales, where you would have to compete with Amazon and other giants. NETFLIX remained on the online rental market, which, according to management, was a very promising development path.

The decision on the initial public offering of the company's shares on the IPO was made after reaching the mark of half a million subscribers in February 2002. As a result, NETFLIX was able to raise $ 82 million, which again surprised skeptical professionals. The company strengthened its position by increasing the number of contracts with film distributors to 50, while the project was supposed to pay them about 20% of the revenue.

At the beginning of 2003, the service audience reached a million. At the end of the year, the company reported its first profit of $ 6.5 million. Things were clearly going okay. By the end of the summer, NETFLIX already had more than 15 thousand titles, which turned it into almost the largest project for online rental of digital content in the USA (Blockbuster had about 3,000 titles).

In subsequent years, the growth of the service audience continued, reaching 4.2 million people in 2005. The company set a distribution record: it managed to process about a million user applications per day. In the press, NETFLIX was called one of the fastest growing companies. In 2007, NETFLIX began distributing streaming video, which turned it into one of the largest companies in the world. The transition to the new model was due to the fact that Hastings understood: DVD is not the only way to distribute content, moreover, with the advent of cloud services, most of the information began to be stored on the Internet. There was a new niche that his company could fill. The introduction of streaming video was a revolution in the work of the organization and became a powerful impetus to great success in modern days.

In 2014, the number of users of the service exceeded 50 million people, and net profit reached $ 266 million. In September of the same year, the preparation of the first NETFLIX movie of its own was announced. NETFLIX focused on increasing the unique content on the site, which inevitably led to more rapid growth in the audience. The main source of this content was the production of their own series. In addition, exclusive agreements were signed with a number of media companies such as Fox, Disney, Marvel and others.

NETFLIX is a great example of a company with a flexible business model that has managed to conquer a select market. From the very beginning, the service, despite the presence of strong competitors, was able to grope for its niche and advantages that ensured its further development. This applies, for example, to a very loyal system.

1.2 Why Netflix called Netflix

The name is a combination of words. The “Net” is derived from the word Internet and “Flix” is a shortened version of the word flicks - a synonym for movie. Put them together and you get why Netflix is called…Netflix, (pic.1.1).

Picture - 1.1 Netflix's name

Netflix were the company that provide the discs for DVD players in rent. Netflix is the name of an international company and its website, where you can watch movies and TV shows in streaming video over the Internet. Netflix provides its services in the USA, Canada, Japan, Australia and some European countries. In addition to watching movies over the traditional Internet, Netflix offers its applications to owners of a number of devices, from android to playstation.

1.3 The future of Netflix

The Netflix service, which actually laid the foundation for the streaming market, is constantly expanding its audience, in particular, through the production of its own exclusive content. However, according to experts, the company will face many challenges in the future related to its own development and growing competition in the streaming market, which is constantly updated by new players.

More than two-thirds of Netflix's hits are on TV shows - licensed and in-house, FilmTake writes. Watching TV shows dominates mainly because Netflix devotes huge resources not only to aggregation, but also to the production of content. At the same time, despite the fact that the company has acquired several films at Sundance, Cannes and Toronto, their American library of feature films remains weak.

Of the $ 8 per month that Netflix receives monthly from each of its 100 million subscribers, about $ 6-7 is constantly spent on content production and licensing. At the same time, over the past two years, the size of the Netflix film library has been steadily decreasing. Currently, less than 25 of the list of 250 best films from IMDB are available on the American site. In contrast, HBO licensed more than half of the TOP-40 films for 2015. “Our goal is to become HBO faster than HBO becomes us,” said Ted Sarandos, director of communications at Netflix.

At a recent conference, Netflix's chief content officer noted that one-third of subscribers watch movies, regardless of library variety. Adding more movies to the library does not increase the number of views. Independent distributors are more profitable to unite and organize independent streaming, rather than burying movies in the Netflix series catalogs or the abyss of Amazon.

As a result of a complete change in business practices, Netflix has forged large alliances with cable operators in the United States, multi-channel video program distributors (MVPDs). That is, cable companies, which were formerly sworn enemies of the streaming service, now cooperate with them, which is a sign of a constant change in the patterns of viewing content.

The transition to the consumption of audiovisual products on the Internet is growing rapidly, and cable companies are desperate to slow down this trend. The US market leader, Broadcast Comcast began introducing the Netflix platform into its Xfinity X1 in November 2016. The prefix is ??used by more than half of the 26 million Comcast subscribers.

Charter Communications was the last US telecommunications company to integrate Netflix into its user interface. Charter is the third largest multi-channel US video distributor after AT&T and Comcast. Currently, more than a dozen of the TOP 25 pay-TV providers have similar agreements with Netflix. Several MVPD companies are considering introducing the services of Hulu, YouTube Red and others into their platforms.

This collaboration indicates that Netflix has reached its maximum growth potential in the United States. In the future, costs will increase for both manufacturers and distributors.

Ultimately, however, Netflix will always be at a disadvantage, as major Internet service providers and content aggregators are one and the same. AT&T, Comcast and Spectrum create almost a monopoly in the country on access to the Internet and the media. Thanks to this feature, HBO and NBC Universal through Spectrum and Comcast may in the future strengthen control to prevent the growth of Netflix and other new players.

1. Netflix's Financial Analysis

2.1 PSET analysis

Political: NETFLIX may be affected by changes in copyright laws for certain types of content, such as television and movies that the company intends to provide to customers. Changes to copyright laws may affect the ability of NETFLIX to distribute this content to customers, which can significantly affect the business because this content makes up a huge part of the services sector.	Economic: Competitive advantage NETFLIX directly depends on prices in comparison with competitors. NETFLIX occupies a market area that for the most part attracts customers once and for all. Moreover, if growth slows and consumer purchasing power declines, NETFLIX will be the first to experience this because of its huge audience.
Social: NETFLIX is highly dependent on the attractiveness of films among customers in the sectors of the target market. As the average age of potential consumers continues to grow, and the cost of filming among older demographic groups is less popular, this can negatively affect business.	Technological: The business is Internet-based, and it must fight the ever-evolving technology sector as the industry advances towards online spending. NETFLIX is facing new competitors due to lower barriers to entry in terms of streaming content. Changes in Internet tariff technologies impose the need to constantly upgrade your business model to maintain market share.

Based on the analysis, we can conclude that the political aspect can hit the company most severely and suddenly, since changes to the copyright law can be completely cross out the activities of NETFLIX. The social sphere is also important, because the audience of the organization consists almost entirely of ordinary individual spectators, respectively, the company must constantly attract the younger generation, while not losing the loyalty of the old; Moreover, since the company also produces its own television products, it has to make them more universal in order to please a wide age audience. From an economic point of view, the company has no problems: it is steadily occupying one of the leading positions in its segment and receiving enough funds to cover all expenses and new expensive projects. The technological aspect is a two-sided aspect of the organization: on the one hand, thanks to the technologies, the possibility of NETFLIX's existence has appeared in principle, and further development of technologies may lead to an increase in the range of services provided by the company. On the other hand, technologies have reached such a level that the primary and most global competitive ability - the delivery of streaming content - is not an expensive or exclusive technology and, accordingly, competition in this segment is growing progressively.

2.2 SWOT analysis

Strengths: The pioneer's competitive advantage includes identifying a strong brand and knowledge base. An integrated flexible infrastructure and interface allow you to maintain low operating costs, increasing your subscription base. This leads to lower marginal transaction costs and higher profits. NETFLIX offers a low price, free shipping, a large selection and a free payment policy. This increases the level of customer satisfaction and referrals. Special program for testing DVD, based on subscriber ratings. allows to detect prevailing video files besides video content. Unique NETFLIX service. A large library of video content (over 100,000 titles and 72 million discs).	Weaknesses: Small financial resources compared to competitors such as Blockbuster. Consumers have to wait at least one or two days to get their films. Despite the fact that Netflix provides its services in the USA and some other countries, the organization has not expanded beyond several countries, which makes the company dependent on one or more markets. Globalization can benefit by expanding opportunities for growth. The strength and growth of Netflix depends on high average revenue per user, low subscription costs for subscribers and maintaining a low outflow rate. Brand loyalty is not so great, although it has a high level of brand recognition. In 2011, a series of errors led to the loss of 800,000 consumers.
Opportunities: The DVD industry is constantly growing every year, and Netflix can harness this growth to expand the market. Expanding the ability to download movies through the Internet. Further expansion of Internet access to DVD, the adoption of e-commerce. As digital distribution of video content becomes a more popular viewing format, Netflix is ??strategically positioned to provide connectivity during the slow transition from a physical DVD system to digital streaming. Netflix is ??improving, it is in a better position than other companies because Netflix has a brand name and commercial e-commerce model.	Threats: The DVD video industry covers a wide range of prices, technologies and services. There are some competitors that could potentially present home videos cheaper than Netflix. If these competitors appear with better streaming and lower prices, Netflix's business model could be seriously affected. Industry is constantly evolving thanks to formatting and technological innovation. Prices, products and customer preferences are subject to rapid changes, creating irregular and volatile markets where competitors are usually a threat or an impressive new business model.

2.3 Global profit and cash flow

Global profit

A profitability ratio calculated as operating income divided by revenue. Netflix Inc.'s operating profit margin ratio improved from 2016 to 2017 and from 2017 to 2018. An indicator of profitability, calculated as net income divided by revenue. (pic2.2).

Picture - 2.2 Global paid Net Adds

The cash flow statement provides information about a company's cash receipts and cash payments during an accounting period, showing how these cash flaws link the ending cash balance to the beginning balance shown on the company's balance sheet. The cash flow statement consists of three parts: cash flows provided by operating activities, cash flows provided by investing activities, and cash flows provided by financing activities.

Free cash flow

Picture - 2.3 Free cash flow

Another important feature of Netflix is the quality selection of content based on user interests. Everything is analyzed: starting from the preferences of users on the service itself and ending with the most popular films from pirated sites. As a result, the company perfectly understands its own audience and offers it the most popular products.

Negative cash flow

Picture - 2.4 Negative cash flow

At the moment, there seems to be nothing stopping Netflix's global expansion. Although audience growth has declined, the project has for many years consolidated its position as a leader in the global streaming video market and, given the development of its own content, is not going to stop there.

2. Business structure and interesting facts about Netflix

3.1 Business model

Netflix's business model is quite innovative. Netflix, the renowned content provider OTT (Over The Top), provides media via Internet streaming. What name comes to people's minds when we talk about online video streaming sites? The answer to this question will definitely be Netflix. We can say this without any confusion that Netflix is ??one of the most popular platforms that people use today. Using the platform, there are many different people who can benefit from watching their favorite movies and TV shows on the Internet, and this is also the best way.

Here we will talk about the Netflix business model for those who want to know how the company is able to make money. But before delving into the details, it is important to first get the right idea. (pic.3.1).

Picture 3.1 - Business model canvas

In addition, the company was able to attract investments of $ 30 million from Arnault Group. The funds received were used to advertise the service, which, according to analysts, was an important step for the further growth and dominance of the company in the industry.

Netflix gives you legal access to a huge database of movies and TV shows, as well as the best personalized offer algorithm and uninterrupted service without interruption on ads. The service is supported on a wide variety of devices, including PCs, televisions, mobile phones and game consoles. One of the distinguishing factors of Netflix is that it releases its own products - series and films. You can see that on the next picture.(Pic 3.2)

Picture 3.2 - Netflix financial structure

There are nine building blocks to create exponential growth. Netflix operates on a similar business model as Apple Music. Having only a paid subscription greatly limits the user base, but frees users from annoying advertising. Netflix user base at the end of 2017 was 125 million people worldwide.

Netflix's algorithm

The success of Netflix was ensured by high technology, but behind them is a whole philosophy that has made this philosophy effective. A system that makes millions obsessively click on red and white buttons, easily abandoning the long tradition of watching movies in movies and TV shows on TV.

Netflix took over all the paperwork, and in 1999, it also changed its one-time lease to monthly unlimited subscriptions. Now, the client, if he wanted to, could not overdue the rental of the disk. Is that to steal him, than, oddly enough, in the nineties-zero criminals actively traded.

Many met the idea of ??unlimited subscription, to put it mildly, with skepticism. Analysts foreshadowed that the system would be unprofitable, and not only because of the treacherous "disk sorcerers." After all, customers can rent so many films if they wish that they simply exceed the cost of the subscription.

It was not so difficult to do this, especially since the delivery at Netflix worked quite quickly. Instead of sending everything from the central office, like other companies, Hastings farsightedly located branches throughout America, and later in Canada, so that people from any state could receive discs as soon as possible.

But the main thing that distinguished Netflix was its algorithms. A complex chain of microservices and small independent programs to fine-tune the site for each specific user. They select films and TV shows that are more likely to please the client so that he comes back again and again.

All these elements above were combined and led to the current business model of Netflix (pic.3.3).

Picture 3.3 - Business model canvas

Cinematch immediately took into account several factors: the first - the films themselves, sorted by genre, year of release, directors and actors; the second is the ratings of an individual client, a list of his rented films and those that he has put in line; and finally, the third is the overall rating of all Netflix users.

3.2 Shareholders and ownership structure

Netflix, Inc. has 2034 institutional investors and shareholders filing 13D / G or 13F forms with the Securities Commission of the Exchange. These institutions have a total of 374,963,429 shares. The largest shareholders are Capital Research Global Investors, Vanguard Group Inc, BlackRock Inc., FMR LLC / Fidelity, Price T Rowe Associates Inc / md /, State Street Corp, Capital World Investors, VANGUARD INDEX FUNDS - Vanguard General Stock Market Index Investor Stocks , Susquehanna International Group, Llp, and VANGUARD INDEX FUNDS - Vanguard 500 Index Fund investor shares.

Ownership Structure Netflix, Inc. (NASDAQ: NFLX) shows the current position in the company by institution and fund, as well as recent changes in position size. The main shareholders may be individual investors, mutual funds, hedge funds or institutions. Chart 13D indicates that the investor owns (or holds) more than 5% of the company and intends (or intends) to actively change the business strategy. Chart 13G indicates passive investments of more than 5%. (pic3.4).

Picture 3.4 - Shareholders list

Institutional investors hold a majority ownership of NFLX through the 82.02% of the outstanding shares that they control. This interest is also higher than at almost any other company in the Cable/Satellite TV industry. Last, during the quarter ended June 2019, these large investors purchased a net $8.0 million shares (pic3.5).

Picture 3.5 - Ownership structure

Netflix's competitive advantage over other streaming services is the production of its own high-level content. The Netflix series have been awarded several prestigious awards such as Emmys, Oscars and Golden Globes.

3.3 Top Netflix products

Top 5 films

1. The Irishman

The last and the best Netflix movie for now.

Year: 2019

Budget: 159$ million

Profit: 560$ million

2. Roma

Year: 2018

Budget: 15$ million

Profit: 4$ million

3.El Camino

Year: 2019

Budget: 6$ million

Profit: 14$ million

4.Bright

Year: 2017

Budget: 90$ million

Profit: 98,2$ million

5.Annihilation

Year: 2018

Budget: 40$ million

Profit: 45$ million

Top 5 series

1.Stranger things

Year: 2014

Budget: 8-10$ million per episode

Profit: 665$ million

2.The Witcher

Year: 2019

Budget: 5-7$ million per episode

Profit: 8-10$ million per episode

3.Breaking Bad

Year: 2008

Budget: 2-3$ million per episode

Profit: 5-6$ million per episode

4.Daredevil

Year: 2015

Budget: 40$ million

Profit: 3-4$ million per episode

5.Money heist

Year: 2017

Budget: 8-12$ million per episode

Profit: 10-12$ million per episode

Competitors

1.Amazon. The biggest competitive threat to Netflix is probably Amazon (AMZN). As of 2019, Amazon Prime Video had about 97 million subscribers, which is far from a Netflix subscription. But that can change. According to Forbes, competition is likely to steal market share from Netflix.

2.Hulu. Hulu figures are much smaller than those who subscribe to Netflix and Amazon. Forbes said there were about 79 million paid Hulu subscriptions. The company originally started as a DVD rental, but later expanded to digital broadcasting.Consumers pay $ 5.99 each month during the first year for basic services. This package comes with advertising. Subscribers who do not care about advertising can choose a more expensive package for $ 11.99 per month.

3.Disney. There was a lot of hype surrounding the streaming service offered by Walt Disney. Disney + should become a paid, free on-demand service that will host the entire Disney movie library, as well as the original Disney television series. The library includes titles from Pixar, Marvel, features from Star Wars, as well as National Geographic options. If this is not enough, the service will also include every season the films The Simpsons and The 21st Century Fox. Subscribers also plan to receive unlimited downloads to view wherever they are.

4.YouTube. I think one of the main reasons YouTube's success in emerging markets is that it's more mobile-centric. A short video is suitable for mobile viewing, not a long one. It's not very convenient to watch a two-hour movie on your phone.

5.Showtime. Showtime streaming service costs $ 11 a month and is available on Apple devices and on Roku media streams. PlayStation users can also get Showtime through the Sony PlayStation Vue TV service, and Hulu video streaming subscribers for $ 8 a month can add Showtime for an additional $ 9 a month.

6.Vudu. Vudu is a digital video on demand service. For nearly a decade, he has been offering an easy way to rent digital television and movies from home. In 2016, Vudu added a free ad-supported service similar to Crackle. Now its stunning content library sets Vudu apart from the competition. New issues - along with new catalog titles from the history of cinema - are added every week for sale and rental.

7.Warner brothers .Warner brothers - one of the largest films and television series in the USA. Currently a division of the WarnerMedia group of companies with an office in California.

8.Apple TV+. Apple TV + launched on November 1 and costs $ 5 a month. It's $ 4 cheaper than Netflix's lower level subscription, and much less than its maximum premium membership of $ 16 per month.

Picture 3.6 - Streaming services

The competitive environment has had a big impact on investor opinion regarding Netflix. Evercore ISI analyst Vijay Jayant lowered the stock target price from $ 380 to $ 300 and said investors were worried about the Netflix business model, amid the launch of several new services from strong competitors in the coming months.

Conclusion

Having made an example of one of the best companies in our industry, we can argue that at least intuitive adherence to these principles is necessary; here the theory follows from practice, and practice is formed on the basis of theory, and it can be argued that practice in this matter is primary. All theories, all methods of analytics and the laws of this relatively young economic industry were first applied in practice, and only after that were described one way or another in theoretical works.

Moreover, we traced the manifestation of all systemic properties and fundamental laws of the organization using a striking example; studied the structureand the life cycle of this organization and conducted a series of analyzes in order to characterize it from all sides. We also described the organization as a system and proved why it is such and in what it manifests itself in both positive and negative aspects. Perhaps not all organizations were involved in the data.

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