Netflix (NFLX, Financial) has unveiled a redesigned homepage experience aimed at simplifying the search for TV shows and movies for its members. The update extends beyond TV screens, introducing vertical video streaming, which the company claims enhances viewing and sharing on mobile devices. Additionally, Netflix is collaborating with OpenAI to integrate generative AI into its user experience.
The new features, including more prominent content shortcuts, will offer real-time recommendations based on viewers' current moods and interests. These updates are set to roll out to global members over the coming months. This comprehensive overhaul aims to help subscribers discover more content within Netflix's extensive library amid intense competition in the streaming industry. Rivals like Warner Bros. Discovery's Max and Disney's streaming platforms are aggressively seeking new customers and retaining existing ones to boost revenue and profitability.
Following a brief stagnation in user growth in 2022, Netflix introduced several changes, including cheaper ad-supported plans and measures against password sharing. These efforts have led to a steady increase in membership, with the company reporting 300 million paid members in January, a record increase of 19 million from the previous quarter. Although Netflix will stop disclosing quarterly subscriber numbers from the first fiscal quarter of 2025, its revenue has grown by 13% during this period.
