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Gen-Z, Millennial Parents Opps: Netflix taps new CMO to lead marketing strategy shift (Score 68)
Streaming giant February.
Per Campaign, Netflix's subscriber volume more than doubled from what it expected during Q1 2020 as stay-at-home regulations pushed people to watch more TV than ever.
According to iSpot's estimations, YTD national TV spend of $20.3m went toward mostly male, sports-oriented programming (see targeting right), down slightly (-17%) from the $24.6m spent by this point last year. Netflix's full 2019 spend grew by 7% to around $105.7m from around $99.2m in 2018.
From July 2019-2020, Adbeat reports the company allocated approximately $19.4m toward digital display ads, a sharp decline (-44%) from the $34.6m spent from July 2018-2019. Most of the past year's ads were either programmatic placements via Google Display Network ($33.5m), direct placements ($11.6m) or YouTube videos ($4.4m). Google Display Network placed ads onto destinations such as instructables.com ($291.6k), littlethings.com, city-data.com, wikihow.com and food.com; most site-direct placements were on allrecipes.com ($1.1m), vulture.com, people.com, ign.com and hollywoodreporter.com.
Netflix's main competitors are Prime Video, Hulu, Disney+, Apple TV+ and HBO Max. It tends to target Gen-Z and millennials, especially parents, with a slight male skew, so it likely utilizes additional digital channels such as podcast, paid social and/or OTT. Kantar data reports Netflix also uses OOH, print and radio. Its recent spike in members should allow it to return to heavier ad spend in the coming months, especially under a new CMO.
Agency & martech readers - This hire makes it even likelier that Netflix could shift agency partners, especially considering its plans to shift its marketing strategy. Reach out soon for potential work; your companies will include an internal team that handles some unspecified duties, Mediahub Los Angeles (media since 2016).