Thursday, November 29, 2007
Netflix & the Value of Consumer Information
This is a little bit old but it's still going on and really shows the value of consumer data. Netflix has agreed to give $1 million to anyone who can improve their DVD recommendation system. They have a particular algorithm to evaluate how good the improvements are and have a target score that gets someone the million dollar prize. It's pretty clear that Netflix must believe that even incremental improvements to its recommendations will continue to drive customers to its service.
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What Netflix should do is team up with Amazon. Amazon.com seems to always know what I'm interested in before I even know I'm interested in. In particular, their "other people have bought after viewing this product" and "other people have bought when buying this product" are two services which I use all the time to increase my search focus since Amazon's array of products are massive. Same can be said for Netflix; they have so many movies that I can get overwhelmed without some kind of better recommendation system.
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