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Netflix might face several challenges while venturing into new growth areas like video games. Firstly, it's a new domain for Netflix, and they might lack the necessary expertise and understanding of the gaming industry. Secondly, the gaming industry is already highly competitive with established players like Sony, Microsoft, and Nintendo. Thirdly, developing or acquiring high-quality games is costly and time-consuming. Lastly, the success of this venture heavily relies on the acceptance and adoption by their existing user base.
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But now, with an abundance of streaming choices, the bargaining power of buyers has become higher. Viewers can easily substitute Netflix for another form of entertainment or switch to a cheaper service, and the consumer has higher leverage, so Netflix has pivoted to spend less on original TV content and more on new growth areas like video games.
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