Netflix Just Made Someone $1,000,000 Richer
In an effort to improve efficiencies by 10% or more in its movie recommendation model, Netflix asked anyone who was interested to prove that they could do so over their current model. Three years later they have a winner.
This is good PR, but even better business, as Netflix understands that by engaging people to make their service more efficient leads to an increased bottom-line. They become participants, not just customers.
Now the company has issued a new challenge that will help predict movie preferences of folks who rarely or never rate the movies they rent. They will have more than 100 million data points, including information about renters’ ages, genders, ZIP codes, genre ratings and previously chosen movies to experiment and play with.
Wow, the power of data!
September 23rd, 2009 at 1:42 pm
Market leaders are constantly listening, and evolving as the needs of their markets change.
Market losers build products and solutions because they can, not because they should, and turn customers into shoppers.
Hats off to Netflix!
Mark Allen Roberts
www.nosmokeandmirrors.com