Introduction
Netflix recently announced that it would join the UK’s Broadcast Audience Research Board, Double Verify, and Integral Ad Science in a bid to enhance transparency (Adams, 2022). The move will provide South African and global consumers with a clear picture of the company’s influence among audiences. The act has a significant international impact in view of the fact that it will facilitate the evaluation of the streaming platform alongside live television competitors by independent third parties. The adoption of transparency is necessary given the fact that the contemporary entertainment industry standards have evolved to demand the implementation of innovative strategies in the quest to increase market share both locally and internationally.
Discussion
Netflix’s decision is informed by the evolution of the entertainment landscape. The drive to grow its subscriber base in the contemporary environment necessitates significant expenditure on advertising in order to promote revenue growth. Therefore, the need to provide independently audited viewership data and subscriber metrics is essential for marketing transparency in the entertainment sector. South Africa’s National Association of Broadcasters Audience Measurement Report states that the auditing of audience data allows marketers to analyze viewing patterns and make informed marketing decisions (Adams, 2022). Netflix’s action facilitates access to granular data, which will provide an in-depth analysis of viewership patterns and audience profiles. It is a demonstration of the company’s intention to compete directly with live television for advertising space by adopting audience rating metrics, which have been the preserve of live television.
Netflix’s resolution has a few key implications for advertisers in South Africa and the international market. Firstly, the number of impressions available for purchase will increase significantly. Secondly, the distinction between traditional and digital entertainment platforms will be virtually non-existent, necessitating the adoption of both traditional and digital skills in the generation of comprehensive strategies. It is worth noting that the implementation of shared measurement will be quick, given that television services and streaming platforms will compete in the same space. Finally, the move is likely to increase smart television purchases in the entertainment market.
Consumers are always searching for businesses with values that align with their own. The adoption of transparent marketing helps to reassure clients that the organization is ethical in all its activities. The increased accountability associated with such a move allows organizations to maintain their focus on key objectives. The decision to adopt a transparent approach is immensely appealing to South African audiences. Netflix is likely to gain a competitive edge and strengthen its brand image in the country and international markets.
Conclusion
The implementation of transparent marketing strategies is necessitated by the inevitable transformations that characterize the contemporary entertainment industry, which demands the implementation of innovative strategies in the quest to increase local and international market share. Companies such as Netflix must evolve their approaches to adapt to changes in the business environment. The plateau in the quest to expand its subscriber base means that the company must explore transparent marketing tactics as a means of expanding its reach into live television territory. The changes that occur as a result of the increased access to audience information will revolutionize the methodologies marketers apply in the sector.
Reference
Adams, L. (2022). How Netflix’s new openness affects the advertising industry. Bizcommunity. Web.