Netflix has created a "Fast Laughs" feature on iPhone offering a feed of funny clips from its comedy catalogue to tickle consumers without having to watch a full TV series or movie. Fast Laughs includes films such as Murder Mystery, series such as Big Mouth, and sitcoms such as The Crew. It also contains clips from stand-up comedians such as Jerry Seinfield, Ali Wong and Kevin Hart. Fast Laughs is located at the bottom navigation menu next to "Coming Soon", and the clips will begin playing when one ends.
Users are able to react to the clips and share them individually on WhatsApp, Instagram, Snapchat and Twitter. Fast Laughs is only available on iPhone in selected countries for now and Netflix plans to begin testing on Android soon. At first glance, the interface for Fast Laughs is similar to that of TikTok and Instagram Reels.
Netflix's latest move makes sense, given TikTok's growing prominence among consumers nowadays, especially the younger crowd. It has previously recognised TikTok as a competitor in its financial earnings. In its fourth quarter 2020 financial statement (Q4 2020), Netflix said it is "a great time to be a consumer of entertainment" due to the wealth of options ranging from linear TV and video gaming to user generated content on YouTube and TikTok.
"We continue to work hard to grow our small share of screen time against these major competitors," Netflix said. During Q4 2020, Netflix crossed the 200 million paid memberships mark and achieved US$25 billion in annual revenue, a 24% year-on-year increase. Its operating profit also increased 76% to US$4.6 billion.
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