Jeff Bezos, the first centi-billionaire of the Forbes Wealth Index and the richest man in the world since 2017, has earned himself a reputation as a hardman and so has his company. Every passing second, 35 new orders are received by the amazon warehouses, a total of 100 million prime users are streaming movies all over the world and with Alexa putting on a show, this American giant is not slowing down anytime soon.
One of the big fours of the Tech world, and the livelihood of 8,40,000 people, Amazon has brought laurels in the fields of e-commerce, cloud computing, digital streaming, and artificial intelligence. The total revenue has been increasing rapidly since 2016 as it reached a whopping 280.5 billion dollars in 2019 from 136 billion dollars in 3 years. In the web streaming sector, Prime Video has been picking up pace with new users that have been increasing rapidly over the last 18 months.
During the Lockdown and Ahead
As soon as Covid-19 entered the picture, people went on a frenzy for masks, sanitizers, paper towels. During the lockdown, there was a massive increase in the number of amazon prime subscribers, for everybody was forced to sit at home, and suddenly, it was binge season for everyone! The streaming service got an increment of over 60% during the time people spent quarantined. Demand for home supplies reached an all-time high after the lockdown was lifted, even though partially, so amazon ended up hiring 75,000 workers and is planning on hiring at least 1 lakh more. Trading at around 3081 USD, the stock price has boomed almost 1.5 times as compared to January (2051.47 USD) In the first fiscal quarter of 2020, Amazon witnessed revenue of about 75.5 billion USD and this was when all industries, in almost every sector, were spiraling down in losses.
Like every other business model, Amazon too has its competitors. In the e-commerce sector, Flipkart is a major competitor and with services like Grofers and Big Basket, Amazon Pantry, the service of Amazon.com available only to Amazon Prime members that package everyday non-perishable grocery store items into a single box for delivery for a flat fee is facing some serious rivalry. But on the brighter side, Prime video is inching closer towards the streaming video leader Netflix with about 150 million subscribers where the latter stands tall with 167 million subscribers. With great pricing policy and almost three times more movies in the Amazon Archive as compared to Netflix, the streaming giants are going to pose a real threat to Netflix in the coming future.
When we think about what more can Amazon do, it comes up with new ideas to make their already happy users happier. Amazon recently acquired Future Retail, the leading lifestyle retail company and with the third deal, it has closed for this year when we are only halfway into 2020. And for all those who had trouble with the amazon prime web login, Prime video has launched an app for Windows 10 alongside releasing a similar extension to that of Netflix, where people can watch movies and TV shows together, by the name “Party Watch”.
After all this discussion, we can be sure that Amazon’s future is synonymous with BRIGHT!