In just a few years, the streaming industry has gone from virtually no competition to dozens of new platforms. Specific genres have been a motivating factor for the founding of multiple streaming services. Netflix (NASDAQ: NFLX) is one of the only platforms not to have a strong identity in the market. Here's why it needs to develop a more defined identity to stay competitive. 

When Netflix ventured into streaming in 2007, it succeeded as a content aggregator that provided exclusive access to thousands of licensed movies and shows. As one of the only streaming platforms, Netflix thrived on offering as many genres as possible. However, new services such as Disney+, HBO Max, and Peacock have massively altered the industry. While Netflix's loss of 970,000 subscribers in the second quarter of 2022 is an improvement from the projection of 2 million losses, the company still has a long way to go and should be taking notes from its competitors. 

Besides Netflix, many streaming giants are flourishing by presenting a clear identity to consumers. For example, Disney+ caters to those looking for Marvel, Star Wars, and family programming. Peacock has found its footing by being the home of comedy with mega-hits like The Office, Parks and Recreation, and Saturday Night Live. Even HBO Max has thrived as the home of quality dramas and DC content. Meanwhile, Netflix has spent years building its content library by filling it with as many different genres as possible. As a result, it's become a jack of all trades and, unfortunately, a master of none.

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Source Fool.com