My essay of Corporate Strategy module during my exchange period at Warwick Business School. The task was to conduct an in-depth analysis of the strategy of two companies competing in the same industry.

1. STRATEGY: NETFLIX
AND MUBI
AN IN-DEPTH STRATEGIC ANALYSIS AND
COMPARISON OF TWO COMPANIES
COMPETING IN THE VIDEO-ON-DEMAND
INDUSTRY
A l b e r t o M a r i a F a s u l o
1 5 3 2 8 1 0
M o d u l e : Cor porate Strateg y Part A
Wo r d c o u n t : 2 0 6 6

2. “They are trying to be everything for everyone. As a result, they are
not satisfying everyone. Because of our curation, we can really
become the trusted service you go to watch a quality film.”
Efe Cakarel, Mubi’s CEO
“Don't be afraid to change the model.”
Reed Hastings, Netflix’s CEO

3. TABLE OF CONTENTS
1. CHARACTERISTICS OF THE MARKET .......................................................... 1
1.1. Bargaining power of suppliers .......................................................................... 1
1.2. Bargaining power of buyers .............................................................................. 1
1.3. Threat of new entrants ..................................................................................... 1
1.4. Intensity of rivalry among competing firms ...................................................... 2
1.5. Threat of substitutes ........................................................................................ 2
2. HOW NETFLIX AND MUBI COMPETE .......................................................... 4
2.1. Generic strategies ............................................................................................. 4
2.2. Resource-based view......................................................................................... 6
2.3. Growth strategies ............................................................................................. 7
2.4. Are they successful? ......................................................................................... 8
3. CHALLENGES AND RECOMMENDATIONS ................................................. 9
4. LIST OF REFERENCES ................................................................................... 11

4. 1
1. CHARACTERISTICS OF THE MARKET
1.1. Bargaining power of suppliers
The first point to underline is that content is a key input in streaming
business, if not the most important (MTM London,-2015).
Moreover, there is a limited number of suppliers owning quality
content, implying a concentration of supplier group and the lack of a
substantial number of substitute suppliers (Fernandez,-2013).
In addition, big content creators and studios can credibly threaten to
integrate forward, transferring their content directly through their
own new streaming services, as Warner and Disney did (Bond,-2015). However, this is less true for Mubi:
operating in the segment of independent movies, the threat of integration tends to zero, given the
generally small dimension of independent producers.
From all of this derives that content licensing is a crucial aspect for streaming firms and that licensing fees
are a huge proportion of their cost structure, which implies a high bargaining power of suppliers.
1.2. Bargaining power of buyers
On the buyer side, the main factors affecting streaming industry are that customers face few switching
costs in changing services, since the technology at the base of these services is substantially the same,
generally there are no contractual constraints and they are highly price sensitive (Kuadey,-2011).
Moreover, this power is amplified by the increasing presence, due to the growth of the market, of many
alternatives available to customers, such as Hulu, Amazon, HBO Now in the US. However, this aspect is
much mitigated for Mubi thanks to the fact of being one of the few players in the segment in which it
competes.
1.3. Threat of new entrants
It is particular difficult for new companies to enter the market due to significant barriers to entry.
Firstly, capital requirements: there are high sunk costs, in terms of both content acquisition and technical
infrastructure. Furthermore, incumbents has privileged access to some key resources, especially to supply
market and channel distributions: in fact, incumbents has developed significant partnerships and
What is Mubi?
Mubi is an “online
cinematheque”, a
subscription-based
streaming platform that
offers a curated
catalogue of just 30
movies each month:
every day one film is
removed and is replaced
with a new title.

5. 2
agreements with many companies in the industry, from entertainment studios to telco operators to
electronics manufacturers. Finally, first movers can benefit a high brand recognition and cumulative
experience (Fernandez,-2013).
Nevertheless, the tremendous growth experienced by the industry is making the market more and more
attractive to new players.
1.4. Intensity of rivalry among competing firms
Since the industry is still in the growth stage, the number of players and the similarity of their size/power is
notable but the market is not overcrowded yet, especially in late-adopter regions such as Southern Europe.
More precisely, the number of competitors is a more relevant force for Netflix rather than for Mubi, since
the latter operates in a segment that is quite free of direct competitors (Pwc,-2015).
Moreover, exit barriers are quite high due to lock-in investments in technological infrastructure and
content acquisition; which obviously strengthens the internal rivalry.
Nevertheless, this force is mitigated by the high growth rate of the industry: as shown in Chart 1, global OTT
revenues are expected to reach $51.1 billion in 2020, recording an astonishing annual growth rate of
approximately 110% from 2010 (Digital-TV-Research-2015).
1.5. Threat of substitutes
Although customers face very low switching costs and there are many substitutes, such as cinema, pay-TV,
free-to-air TV, piracy (which is the main frightening, since it is free and offers broad selection), platforms
like Google-Play, ITunes, PSN, Xbox-Video, both Netflix and Mubi has been able to strongly mitigate this
force thanks to their high differentiation strategy, which is the theme of the next chapter.
2010 2014 2015 2020
Advertising 2.290 9.371 11.394 20.977
DTO 633 2.680 3.144 5.648
Rental/PPV 345 1.374 1.600 2.824
Subscription 958 7.574 9.890 21.648
0
10.000
20.000
30.000
40.000
50.000
60.000
$million
Chart 1 - Global OTT TV and video revenues by source
Data Source: Digital TV Research

6. 3
All the forces are summarised in Chart-2:
BARGAINING POWER OF SUPPLIERS 7,8 BARGAINGING POWER OF BUYERS 7,0
The supplier group is more concentrated than the industry
it sells to 9
Customers face few swithcing costs in changing
vendors 9
Industry participants face swithcing costs in changing
suppliers 3,5 Customers are highly price sensitive 9
Suppliers offer products that are differentiated 9 Customers have many alternatives 7
Suppliers can creadibly threaten to integrate forward 7,5 The industry's products are undifferentiated 3
The supplier group offers a key input for the industry 10
Buyers can credibly threaten to integrate
backward n.a.
INTENSITY OF RIVALRY AMONG COMPETING FIRMS 6,5 THREAT OF NEW ENTRANTS 4,5
Competitors are numerous or are roughly equal in size
and power 8 Customers switching costs are low 9
Slow industry growth, which encourage fights for market
share 3 Capital requirements 1
High exit barriers 8,5 Incumbency advantages 2
Rivals are highly committed and have aspirations for
leadership n.a.
Unequal access to supply markets and
distribution channels 1,5
Market growth 9
THREAT OF SUBSTITUTES 5,5 Network effects n.a.
Better price-performance trade-off 2
The buyer's cost of switching to substitutes is low 9
0
2
4
6
8
10
INTENSITY OF RIVALRY
BARGAINING POWER OF BUYERS
THREAT OF NEW ENTRANTSTHREAT OF SUBSTITUTES
BARGAINING POWER OF
SUPPLIERS
Chart 2 - Five forces that shape video on demand industry
Low: 1-2; Medium-low: 2-4; Medium: 4-6; Medium-high: 6-8; High: 8-10
Source: Author
Source: Author

7. 4
2. HOW NETFLIX AND MUBI COMPETE
2.1. Generic strategies
Considering Porter’s generic strategies (1985),
Netflix pursues competitive advantage through
differentiation leadership, whereas Mubi
implements a differentiation focus strategy.
In fact, Netflix try to deliver an offering
perceived as unique by the mass market; its
sources of differentiation are chiefly two:
criterions of use and content [Table-1].
Regarding the former, Netflix has focused on functionality, usability and performance, in order not solely to
provide customers with a streaming service to watch content, but to allow them to live a fully and
innovative entertainment experience. Therefore, Netflix focuses on user experience and all its features that
make it unique: from 4K video definition to compatibility with almost every device; from its sophisticated
recommendation system that suggests customised content according to customers’ preferences to its easy
and intuitive graphical interface; from availability of many languages and subtitles to binge watching.
Regarding content, Netflix has shifted its focus from quantity and its “all-you-can-watch” proposition to
quality. In fact, Netflix offers appealing content, especially its TV series are of high quality and recent and
many of them are exclusively available on Netflix. Moreover, from 2013 Netflix has started to create
original productions, which are prime content and are mostly available only on its platform (PwC,-2015).
Table 1 – Netflix: factors of differentiation
Content Flexibility Functionality and design Other features
 High quality
 Recent
 Exclusive
 Original series
and movies
 Any time
 Any device
 Any quantity
(binge
watching)
 Compatibility
 Ease of navigation
 Recommendation
engine
 First-class video
definition (up to 4K)
 Many
languages and
subtitles
 1 account, 60
countries
On the contrary, Mubi adopts a differentiation focus strategy [Table-2]. The focus relies in the fact that it
does not want to be for everyone, like Netflix, but it targets a niche segment: cinephiles and discerning
audiences (Lyne,-2015).
Source: Porter, 1985
Source: Author

8. 5
The differentiation element, firstly, is in the content: Mubi streams international, old classic or recent
award-winning movies and arthouse releases. Moreover, the key is its curational approach, which, unlike
Netflix that accumulates large libraries and provides algorithms-based recommendations, is based on
human selection: in an age of big data, Mubi focuses on personality and opinion. Mubi programmes like an
independent cinema, choosing films that respond to the cultural fabric of each country and that are often
related to current events or social trends: hence, movies coexist with each other and are given a
momentum (Toor,-2015; Cortvriend,-2015).
Furthermore, unlike large libraries that overwhelm customers with infinite scrolling and in which the mass
devalues the individual, Mubi, by streaming only 30 movies a month, not only eliminates the “paradox of
choice” but also give movies the visibility and the respect masterpieces deserve.
Finally, unlike Netflix, community is also at the heart of Mubi’s service: it has one of the largest social
network devoted to film and a database of movies that users can rate, review and discuss; additionally,
Mubi runs a critically acclaimed film journal, Notebook, for fans willing to examine more in depth some
themes. Hence, this community around Mubi make it a unique destination and immersive experience
(Cortvriend,-2015; Maranon,-2015).
Table 2 - Mubi's differentiation focus strategy and its sources
Focus Differentiation
Niche market:
cinephiles and
discerning
audiences
Content Curational approach Small choice Community
International, indie,
cult movies, old
classics and arthouse
releases
Human element,
contextualised films and
programming like an indie
cinema
Removes "paradox
of choice" and
gives attention and
respect to movies
Social network
dedicated to
movies and film
journal
(Notebook)
In another perspective, Mubi has adopted a Blue Ocean strategy, as shown in Table-3:
Table 3 – Mubi’s Blue Ocean strategy
ELIMINATE
factors that the industry takes for granted
REDUCE
factors well below the industry’s standard
 Recommendation engine based on algorithms
 Paradox of choice
 Movies, from thousands available every day
to 30 available every month
RAISE
factors well above the industry’s standard
CREATE
factors that the industry has never offered
 Contextualisation and respect for every film
 Niche content and quality over quantity
 Curational approach and human selection
 community
Source: Author
Source: Author

9. 6
2.2. Resource-based view1
In order to generate and sustain competitive advantage, Netflix has developed several resources and
capabilities, as shown in Table-4. They are all valuable since they are all related to the three KSFs of the
industry, which are content, technology and brand (MTM,-2014). Moreover, most of them are not
widespread in the industry and not imitable since they are firm specific or not easily transferrable or
related to human capital. Examples include: its financial position; its high brand recognition, thanks to being
a first mover (or an early entrant) in many markets and winning awards and prizes, and brand equity, given
by its original content; its huge database, which drives a more effective content acquisition and production
policy; its competence in relationship management and contract negotiation with the other industry’s key
players – in which Ted Sarandos2
plays a crucial role (Laporte-2014).
However, Netflix should pay attention to its technological competences and infrastructure, since, despite it
possesses several patents, they are becoming less and less durable and rare in the industry due to the quick
evolution and diffusion of technology. Therefore, Netflix’s choices of joining the UHD Alliance and
developing interactions between its service and the increasingly popular wearable devices are sensible in
order to maintain its technological leadership (Curtis,-2015; Kumparak,-2014).
Finally, to sustain fully its competitive advantage, resources and capabilities should be organised
effectively. However, this aspect is much more difficult to evaluate; though, what is certain is that the way
Netflix reinvented HR and its practices to attract, retain and manage talent helped Netflix craft a culture of
excellence and sustain its competitive advantage (McCord,-2014).
1
This paragraph is based on Barney (1991) and Peteraf‘s (1993) contributions.
2
Sarandos is Netflix’s Chief Content Officer; he was even listed as one of the top 100 most influential people in the
world in 2013 by Time magazine (Tambor, 2013).

10. 7
Table 4 - Netflix's resources and capabilities appraisal
Relevant
(valuable)
Scarce
(rare)
Non
imitable
Organised
Resources
Financial strength to support heavy
investments, both for content and technology
and marketing
  
?
Original content and other contents' copyrights   
Sophisticated and proficient recommendation
system
 ~ 
Huge database of customers   
High brand recognition and brand equity   
Technological infrastructure and its algorithms  ~ ~
Capabilities
Ability to manage relationship with content
providers, telco operators and electronics
manufacturers
  
Competence in contract negotiation   
Technological expertise   
Capability of content creation   
Regarding Mubi, to create and sustain competitive advantage, it relies on two main resources and
capabilities, thanks to the fact that they are firm specific and human-capital-based. On one hand, given the
importance of its curational approach, its high-minded and tasteful staff is crucial to select content (Lodge-
2013). On the other hand, relational capital is essential to provide its highly differentiated content: indeed,
Mubi has relationships, networks and contacts with individual filmmakers, independent distributors,
festivals, “mini majors” and few studios like Sony Pictures (Barraclough,-2015)
2.3. Growth strategies
Considering Ansoff’s Matrix (1957), Netflix has
implemented both market development and vertical
integration strategies.
Leveraging on its core competences and experience,
Netflix is present in 190 countries and this expansion
allows it to exploit new revenues opportunities and
counterbalance the slowing growth in the US. Moreover,
it is also necessary, considering Netflix is reinvesting
money into content at an extraordinary rate: the only way to sustain such investment is to generate new
subscriptions (Jackson,-2016).
Source: Author
Vertical Integration

11. 8
Regarding the latter, Netflix has begun its backward integration by producing exclusive content since 2013.
This strategic decision is highly relevant, since it allows Netflix to mitigate suppliers’ bargaining power and
control better contents costs; to respond better to customers’ preferences and to increase their retention;
to sustain international expansion, as exposed formerly.
On the contrary, Mubi, due to its small dimension and the lack of the necessary resources, cannot
integrate; however, it has developed a huge international expansion in 200 countries: this global scale
allows Mubi to obtain discounts for global licensing deals (Mubi,-2016).
2.4. Are they successful?
As shown in Chart 3 and 4, which depict Netflix’s growth in terms of both revenues and profit, Netflix
business model has proven to be successful. At the same time, Netflix has recorded astonishing subscribers’
growth rates: globally, in 2012-Q3 it had 29.4m subscribers, in 2015-Q3 69.1m (Richter,-2015).
Regarding Mubi, even if it is not profitable yet, it is raising tens of millions of dollars in its funding rounds
and has recorded so far 7m registered users and 100,000 paid subscribers, which are growing at a weekly
rate of 2% (Cookson,-2015).
0%
2%
4%
6%
8%
0
50
100
150
200
250
300
2010 2011 2012 2013 2014
$million
Chart 3 - Net profit and profit margin
Net profit Profit margin
-5%
5%
15%
25%
35%
45%
55%
0
1000
2000
3000
4000
5000
6000
2010 2011 2012 2013 2014
$million
Chart 4 - Revenues and growth
Revenues Revenues growth
Data Source: Netflix, 2015

12. 9
3. CHALLENGES AND RECOMMENDATIONS
The first challenge Netflix will face it is linked to its international expansion. In most of the countries it has
recently launched, it is a late entrant, implying that local competitors have already established, acquired a
significant customer base and have already secured content rights (Kanji,-2015). Given that “content is
king” and technological leadership is not enough, Netflix must leverage its relations with studios to
negotiate exclusive distribution rights agreements. Moreover, given that presently content deals are made
on a regional/national basis, Netflix should start signing global licencing deals in order to repel competitors
all at once and should focus on those titles that deliver the largest viewership relative to the licencing costs.
However, the key will be its Originals: Netflix should keep investing massively in original production, since,
in addition to increase existing customers’ loyalty, it will be necessary to enter successfully the new
markets.
Furthermore, many audiences – for example in the Central-Southern Europe – prefer local-language
programming and national productions, whose rights are already hold by national broadcasters or
streaming incumbents (Scott,-2015; Veremis,-2015). Hence, Netflix should produce not only generic or
American originals, but also localised and non-English-language content.
Secondly, original production/backward integration may also be the solution for another strategic issue:
increasing bargaining power of supplier and, as a result, large price fluctuations for licencing content
(Fernandez,-2013). Hence, vertical integration should allow better control over content costs, whose
variability may erode Netflix’s profits. Another solution could be revenue-sharing agreements in order to
make studios more willing to offer their content: this alternative may not be economically convenient in
the short-term, but it will allow Netflix to increase its market share (and its negotiating power, then), which
is vital especially in the new countries.
Thirdly, another challenge regards mobile watching: people worldwide increasingly watch shows on the go,
but common mobile contracts allow users to watch no more than 2-3 HD films a month (Scott,-2015).
Therefore, given Netflix’s categorical refusal to introduce a “download-and-watch-later” feature, it should
foster strategic partnerships with mobile operators in order to create contracts that exclude Netflix from
data consumption.
Regarding Mubi, these issues affect it much less, since it has few direct competitors worldwide, its suppliers
have small dimensions and it already adopts global deals, revenue-sharing agreements and the download
feature (Ravid,-2015). Therefore, Mubi could exploit its network and its relationships with independent
directors and arthouse distributors to start producing exclusive niche contents in order to deliver more
value to its clients and attract additional customers. Finally, it could also amplify its community by

13. 10
partnering with crowdfunding platforms for independent filmmakers – for instance, showing target-
achieving movies.
All the aforementioned considerations are summarised in Table 5.
Table 5- Challenges and recommendations
NETFLIX
CHALLENGES RECOMMENDATIONS
International expansion:
 Well-established players with secured
content rights
 Most broadcasting landscapes are
locally oriented
- Leverage pre-existing relationships with
content providers
- Global deals instead of regional or local
ones
- Original production and localised
originals
Increasing bargaining power of suppliers and
large price fluctuations for licencing content
- Original production (backward
integration)
- Revenue-sharing agreements
Mobile watching
- Strategic partnerships with mobile
operators
MUBI
CHALLENGES RECOMMENDATIONS
Expand its customer base
- Original and indie production with
independent directors and arthouse
distributors
- Collaborations with indie films
crowdfunding platforms
Source: Author

14. 11
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