Internationalization strategies in business: A study in Netflix business expansio
Internationalization of business depends on different factors and also diversified limitations. Therefore, applying a strong and effective strategy for marketing the business and its respective products or services helps attract maximum customers and revenue internationally. Different location and region has different culture and preferences. Thus, the implementation of a strong strategy for examining each of such economic and non-economical factors influencing the return from an international market has effectively maximized. Therefore, to understand the various strategies that a corporate can implement for expanding its business internationally. In order to gain a critical understanding and implication of all such internationalization strategies, the study research is divided into two parts.
In the initial part of the study, a thorough analysis is carried on about the different international strategies companies use worldwide. Based on the information obtained from such a study, a thorough analysis is conducted to examine the limitations and advantages of each of the strategies recommended or implemented by companies for entering the international market worldwide. In the second part of the study, a detailed analysis of the internationalization strategy used by Netflix for expanding its business over 190 countries is examined. The same is critically analyzed based on the strategies obtained in the first part of the study. Thus providing accurate information about the practical life usage of the concerned internationalization strategies for improving business profitability. Again, based on all such information, a recommendation section is also added at the end of the second part to understand the process and strategies that future companies can implement for internationalization.
According to Katsikeas et al. (2020), using digital technologies helps select, enter and build international marketing strategies for businesses willing to expand in the international market. Moreover, Ranta et al. (2021) also cited that the application of digital technologies also effectively influences circular economic business models and improves b Thus, digitalization technologies are one of the effective internationalization strategies that help the business understand and identify the opportunities in the international market and add value in the business. Pergelova et al. (2019) also highlighted the effective influence of digital technologies on international business expansion. As per the author, such technologies help small and medium-scale enterprises expand their business internationally in a cost-effective and easier manner.
Liñán et al. (2020) also cited that the application of a control entry mode for entering the international market plays a crucial role in sustainable internationalization. Since application of a stable entry mode helps and assists a business in examining the market's limitations and opportunities for expansion and improved business growth. Tien et al. (2021) also cited in their research study that gradual entry into international markets helps managers improve their market entry index and thus assist them in identifying the strategic innovations policies and technology for international success and growth. Moreover, the research conducted by Morais & Ferreira (2020) also claimed that the application of incremental internationalized strategies plays a key role in increasing companies' involvement and commitment in the international market. Furthermore, Paul & Rosado-Serrano (2019) also cited that the application of a gradual internationalization strategy helps in strategic planning and international expansion of a business. According to the author application of such a strategy helps the manager in examining the path, potential, pace, pattern, problems and performance of a company in such an international market with theoretical preposition. Therefore, gradual expansion seems to influence improving organizational growth and internationalization strategy effectively.
In this first growing business environment, the application of collaborative strategy also helps in effective business expansion internationally. As per the author Chen, T. (2021), partnering or collaborating with international and local partners helps establish an effective business network, which again positively maximises the company's global reach and addresses strategic business issues. Simultaneously, the author Kolagar et al. (2021) also highlighted that the application of such a collaboration or partnering also provides a competitive advantage and the quality of predetermined interactions to drive international business development and growth. Zhang et al. (2021) also suggested that partnering with local firms helps in increasing the collaboration with host countries and thus assists in creating a bridge between one economy to another economy. Therefore, based on all such findings, it can be stated that the application of partnering and collaboration strategies among companies helps in building an effective internationalization and business collaboration for earning effective future returns.
As per Thursby & Thursby (2019), international trade theory has evicted a dramatic change in the past decades. With the advancement of services, trade policies also changed based on consumer perspectives worldwide. Hammerschlag et al. (2020), on the other hand, cited that a sound communication and pricing strategy, along with the usage of correct social media platforms, helps in understanding the demands of local markets and thus also helps the business in diversifying their products in the international market. However, the author Gómez-Prado et al. (2022) also suggested that a better degree of internationalization also helps small businesses or startups understand market intelligence capability and thus helps them build an effective pricing strategy for future growth. Apart from such a factor, Noris et al. (2020) suggested that localization strategies and cultural adoption also play an effective role in the internationalization of business in different countries. As such, an action helps gather effective information about customers' preferences and behaviour in international markets.
Similarly, Cerqueira et al. (2021) also claimed that the internationalization process of companies is often influenced by cultural mistakes, which again increases the business's cost and thus can adversely impact business sustainability in such an international market. Shoham (2021) also suggested that standardization and local adaptation also help in international business expansion and long-term profitability. Since application of such a standardization strategy helps the company create customer-specific products and services, which again assist them in attracting more national and international audiences and customers. Katsikeas et al. (2020) also highlighted an equal emphasis on standardization and customization of products or services for increasing demand in the international market. Since such a customization of the product and service helps examine the characteristics of international business, and thus also drives international firms and marketers to increase long-term organizational profitability and business.
As highlighted by Luo (2021), the application of digitalization tools plays an effective role in connecting with individuals, nations and companies worldwide using ideas, information or data flows. Which again assists in better marketing of services and thus attracting business profitability. Moreover, Hervé et al. (2021) also suggested that applying such digital technologies also provides new opportunities for startup companies to expand their business internationally in foreign markets and thus also assist them in influencing their international profitability and business growth. Similarly, adopting a gradual market strategy helps the manager estimate and analyse their existing business strength and capabilities to expand in the international market more effectively (Uner et al., 2020). Li et al. (2019) also cited that online e-commerce merchants like Airbnb also used such a strategy to understand their business bottlenecks to overcome the barriers in the international market and thus implement enhanced and sustainable internationalized platforms. Moreover, such an application of both digitalization tools and gradual entry strategy also plays a key role in improving the quality of international marketing strategy for effective business growth.
Apart from the application of such digitalization and gradual entry strategies, the application of the global collaborative and partnering strategy also effectively influences the overall business growth in such an international market. As per the author Kolagar et al. (2021), such strategic implementation helps companies promote their international business with the help of localized networks and merchants existing in such a country. Such an action again increases customer belief and loyalty to international business. Moreover, Franco et al. (2023) also suggested that using such a collaborative and partnering strategy also helped develop innovative business strategies and solutions and reduced Accordingly, the usage of standardization, cultural adaptation, customization, and localization also assist an effective and crucial role in improving the business expansion in the international market. As cited by Hammerschlag et al. (2020), applying a sound communication plan helps improve the overall business profitability by using effective pricing strategies and thus assists in expanding internationally. Cultural adaptation and analysis also help a business gather effective information about the respective local cultural preferences and demands, thus assisting the business in customizing business services and productivity.
However, apart from such benefits, the application of such a process for expanding the business globally and internationally also includes certain limitations and disadvantages. One of the primary limitations in applying such digitalization technologies includes selecting the accurate platforms for attracting culturally diversified audiences. Moreover, the reliability of the internet and technological infrastructure also plays an effective role in enhancing such a digital technological implementation for increased business success internationally (Li et al., 2019). Similarly, though adaptation of localization and customization strategy helps determine the audiences' preferences internationally, such a strategy also includes certain limitations. One of the primary limitations includes increased operating cost and complexity in the business as customization of products and services based on their cultural preferences could increase business complexity and customer challenges.
Similarly, the adaptation of cultural and standardization of strategies could also result in inferior customer experiences and can be time-consuming and costly. For instance, applying a gradual entry strategy helps improve the entry risk of models in such a business internationalization (Hammerschlag et al., 2020). Still, it could also have a negative impact on losing the opportunity when effective competition exists in such an international market. Similarly, maintaining a correct balance between cultural sensitivity and consistent brand image also increases effective challenges for the companies in such an internationalization. Therefore, from such an analysis, it can be seen and evicted that though application of the diversified strategies among the companies or startups helps in effective international expansion (Zhang et al., 2021). But also includes effective challenges and limitations if not implemented accurately. Despite such challenges, starting with higher cost, time and loss of potential market share, applying all the mentioned strategies is expected to increase the business profitability and revenue in international markets. Accordingly, the same is implemented by various organizations worldwide to expand their business globally and also to attract their targeted audiences.
Netflix is an online streaming service provider offering a diversified range of services to its customers, starting with TV shows, Movies, Anime, documentaries and other similar digital entertainment services based on subscription packages. Starting with Canada in 2010, the company has successfully expanded their global footprint to over 190 countries worldwide. One of the primary and effective strategies used by Netflix for internationalizing its digital streaming business globally over 190 countries includes creating region-specific content for catering for the requirements of audiences location-wise. Therefore, assists them to customise their streaming services based on the interest and vernacular language of the viewer. Again, this helped the company maximise their revenue holdings of around $3599.45 million in the US and Canada, followed by revenue earnings of $2562.7 million from European, Middle Eastern and African markets and other international markets as shown below.
Chart 1. International Revenue Stream of Netflix
Source: statista.com, (2023)
One of the primary and effective strategies used by Netflix includes a gradual market entry strategy. Despite entering the market at a large scale, the company follows a strategy to select and understand the initial adjacent markets based on geographical and cultural distances. Hence, the country selected the Canadian market as their first international expansion in 2010 (Barros, 2023). Such a selection helped Netflix understand the various challenges of creating licensing content and its adaptability ratio among audiences. Such a strategic plan to expand their business in Canada also allowed them to test their platform and service content quality. Such an action thus helps and assists Netflix in identifying its mistakes and helps to refine its strategies for entering intro complex and diverse market globally.
In the second phase of internationalization of such a streaming business, over 190 international markets. Netflix heavily invested in producing and licensing content that would help them appeal to specific cultural preferences and languages. This helped Netflix localise its content and improve its user connectivity with such a digital streaming platform among different regional audiences. Moreover, apart from the model of streaming preexistence movies and series, Netflix implements an original content creation model for attracting foreign audiences and facilitating entry into new international markets. Such an on-demand subscription model help Netflix to build a diversified online streaming library, including content with different cultural aspect and languages, which increases its ability to cater for the unique taste of audiences worldwide. Hence converting the business model and their digital streaming platforms to engage among global users. As a result, successfully caters to audiences' demands and preferences in over 190 global countries.
Service pricing also plays a crucial role for Netflix in such an international expansion. Thus, accordingly, Netflix adjusted their pricing strategy based on economically influential factors and conditions in each international market. Such influential factors include a thorough analysis of the economic condition and consumer spending power in different international markets or locations. Thus helping and assisting Netflix to accommodate a wide range of customers based on their income and affordability at varied pricing points (El Houda & Baghdad, 2023). Hence, such a flexible pricing approach helped Netflix attract both price-sensitive and premium markets seeking additional featured content.
Unlike all the above strategies, Netflix’s collaboration and partnership strategy also helped them expand their business services internationally more intensely and faster. To increase its customer reach, Netflix is involved in a local partnership with cell phones and cable operators to increase content availability and expand their existing video-on-demand service. For instance, with the launch of Vodafone TV service in Ireland, the company dedicated Netflix a button in their remote controls for better customer experiences and attractiveness. Accordingly, a similar initiative was also carried out between Telefonica and Netflix in Spain, Latin America, and other countries (Barros, 2023). Such a partnership and collaboration not only help Netflix increase its visibility but also accessibility to audiences who have not experienced such a standalone streaming platform earlier (Meng et al., 2022). Further, the collaboration and partnership also helped Netflix leverage its distribution network and international customer base to accelerate its international growth and success rate.
Depending on the various information received about the various internationalization strategies used by companies in expanding their business globally and the various strategies implemented by Netflix for expanding their international business over 190 countries. It can be seen that Netflix also implemented the gradual or controlled entry strategy to understand the potentiality of the international market and customer preferences since Netflix started its internationalization plan with an expansion in Canada in 2010. Thus, the company used the same market to understand the strengths and weaknesses of their respective platforms (Tien et al. 2021). This again provides an effective assistant to Netflix to make the required changes based on the international market's demand.
Other than applying such a gradual entry strategy, the company also seems to have implemented the concepts of partnering and collaborative strategy for collaborating with various localized networks and suppliers to maximise their streaming services. (Barros, 2023), also cited that Netflix uses such a collaborative strategy for partnering with various cell and cell operators to expand its audience base and respective business opportunities. Such collaboration not only helped Netflix increase its appearance but also resulted in providing effective information to customers about various service packages offered by the company (Kolagar et al., 2021). Furthermore, Netflix's strategic implementation for internationalization also provides sound information related to the usage of localization and customization strategies for providing diversified streaming platforms to their customers based on their tastes and cultural preferences. (Brenan, 2023), also stated that the application of such an on-demand streaming service helped Netflix improve its user experiences and business internationalization of services.
Therefore, based on all such analysis, it can be seen that usage of most of the strategies, as found in the above literature, were also implemented by Netflix for internationalizing their business. Such an implementation of strategies also helped Netflix to change its initial business models and also in streamline its digital entertainment services depending on the respective cultures and languages of each such international region or market (Meng et al., 2022). This enables Netflix to enhance its business growth and international revenue earning more effectively. However, such an analysis also indicate the usage of different pricing strategies by the company to expand its customer base within different income range for better user experiences internationally (Cerqueira et al., 2021). Moreover, Netflix also used their digital technology for conducting data-driven analysis and for customizing its customer needs and requirements. This again helped the company in maximizing their business profitability and also assisted them in the better future expansion of the company. Thus resulting in an effective increase in the customer base of Netflix globally. The chart shown below examines the growth in their customer base and audiences from 2019 to 2023 globally.
Chart 2. Netflix Customer Strength
(Source: Zandir, 2023)
As per the chart, it can be seen that the number of paid subscribers in 2020 counted to be more than 15 million, followed by 5.9 million in 2023 (Zandir, 2023). Therefore, though such a chart indicates a decreasing trend in the rate of subscription of Netflix in the year 2020 to 2023, such a decrease in subscription rate reflects a negligible impact on their overall revenue growth rate, as shown in chart 1 above. Hence, based on all such analyses, it can be seen that though there is a slight decrease in their paid subscriber rates, Netflix's on-demand streaming facilities seem to have a positive influence on increasing the overall user experience in the international market using all such internationalization strategies.
Depending on all the information received from the above analysis, though application of internationalization strategies like gradual entry, cultural adaptations, localization, customization and other similar factors has both positive and negative influence on the company. I would suggest companies and future organizations adopt and implement all such international strategies to understand their current product strength and international market opportunities. Accordingly, despite operating in different platforms or markets at the same time, I would recommend that future companies or corporates follow the gradual market entry strategy for entering an international business environment. For instance, by expanding in the global market, the said corporate can expand its business in all locations of its principal country to understand the initial limitations and challenges faced in such a market. Such an action would also enable the corporate to shape its marketing strategy to attract international market audiences or customers (Ranta et al., 2021). Further understanding their product’s effective application of digital technologies for marketing such services and collaborating with local networks would also enable in attracting more customer base and preferences (Kolagar et al., 2021).
Thus helping and assisting the corporates in expanding their user base and service information in such an international market using localized network channels. Furthermore, the application of such a collaboration strategy would also help the corporates in maximizing their supply networks and channels, which would help the company in sustainable business growth and prosperity in such international platforms (Meng et al., 2022). Therefore enabling better implementation of international business among corporates globally. Further, applying all such strategies would also provide the corporate with valuable data about their customers' preferences; thus, implementing the customization strategy in such an stage would help them create business value and earn lucrative profitability. Though such a strategy also has a negative cost implication on the operation of the companies, applying an accurate cost management plan would help in minimising such risk and again increase the business sustainability and international revenue growth.
Conclusion
With respect to the above information, it is seen internationalization of business is impacted by various factors. One of the primary factors includes the economic condition and cultural preferences of the customers residing in each region or international market. Furthermore, apart from such cultural differences, the international market is also expected to have diversified demand and customer choices. Hence, implementing effective strategies for understanding all such choices and demands helps and assists the corporates in expanding their business operation internationally without facing effective challenges. As an international digital streaming business merchant, Netflix also implemented and used various international expansion strategies as implemented by corporates worldwide for expanding their business to over 190 countries.
Despite the various limitations, examined in each of the internationalization strategies obtained from the research, usage of such strategies by Netflix resulted in increased international growth and profitability. However, implementing various internationalization startegies like gradual market entry, pricing strategy, localization or customization, partnership and collaboration, the application of gradual market entry and customized digital services are the primary factors that increase the international user experience of Netflix. However, using pricing strategy and collaboration with local network channels also contributed to the growth of Netflix in over 190 countries. However, the degree of influence expected by gradual market entry and customized services based on users' tastes and preferences is expected to have the highest influence in improving the overall growth of Netflix.
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