netflix business plan pdf

Netflix - Explaining the Business Model and Revenue Streams

Uncover the inner workings of Netflix's business model and revenue streams in this in-depth article.

Netflix is one of the leading players in the streaming industry. With its vast content library and global subscriber base, the company has revolutionized the way we consume entertainment. In this article, we will delve into the intricacies of Netflix's business model and explore the various revenue streams that contribute to its success.

Understanding the Netflix Business Model

At the core of Netflix's business model is its subscription-based model , content production and acquisition , and data-driven personalization .

Netflix, the world's leading streaming service, has revolutionized the way people consume entertainment. With its vast library of movies, TV shows, and documentaries, Netflix offers a convenient and affordable way for subscribers to enjoy their favorite content anytime, anywhere.

The Subscription-Based Model

Netflix operates on a monthly subscription basis , offering unlimited access to a wide range of online streaming content for a fixed fee. This model allows subscribers to enjoy their favorite movies, TV shows, and documentaries without the hassle of commercials or strict airing schedules.

With a subscription, users can create individual profiles for each member of their household, ensuring a personalized viewing experience for everyone. This flexibility has made Netflix a popular choice for families and individuals alike.

By offering various subscription plans tailored to different needs and budgets, Netflix attracts a diverse customer base. From the basic plan that allows streaming on one device at a time to the premium plan that offers Ultra HD streaming on up to four devices simultaneously, there is an option for every type of viewer.

Furthermore, the company's user-friendly interface and personalized recommendations enhance the user experience, making it even more attractive for subscribers. Netflix's intuitive design allows for easy navigation and seamless content discovery, ensuring that users can find something they love with just a few clicks.

Subscription-Based Revenue

Netflix operates on a subscription-based model, where users pay a monthly fee for access to the platform's content. This steady stream of revenue allows Netflix to invest in original content and expand its library, keeping subscribers engaged and attracting new customers.

Key points:

• Monthly subscription fee
• Steady revenue stream
• Investment in original content

Content Licensing and Production

Netflix acquires content through licensing deals with production companies and also invests heavily in original programming. This dual approach allows the platform to offer a wide range of content while also differentiating itself from competitors.

• Licensing deals with production companies
• Heavy investment in original programming
• Differentiation from competitors

Content Production and Acquisition

Netflix invests heavily in content production and acquisition. By producing original series, movies, and documentaries, the company aims to create a unique and exclusive content library that sets it apart from its competitors. This strategy not only attracts new subscribers but also helps retain existing ones.

With an emphasis on quality storytelling and diverse representation, Netflix has become a major player in the entertainment industry. Its original content, such as the critically acclaimed series "Stranger Things" and the Oscar-winning film "Roma," has garnered widespread acclaim and a dedicated fan base.

In addition to producing original content, Netflix also acquires licensing rights for popular shows and movies from external production companies and studios. This ensures that its content library is constantly refreshed with a diverse range of high-quality content. From beloved classics to the latest blockbusters, Netflix offers a vast selection that caters to every taste.

Furthermore, Netflix's commitment to international content has made it a global powerhouse. By acquiring and producing shows and movies from around the world, Netflix has expanded its reach and gained a loyal international audience.

Data-Driven Personalization

Netflix leverages the power of data to provide personalized recommendations to its subscribers. Through sophisticated algorithms, the platform analyzes user behavior, viewing history, and preferences to curate a tailored selection of content for each individual.

By understanding what users watch, when they watch, and how they watch, Netflix is able to offer highly accurate recommendations that cater to individual tastes. Whether it's suggesting similar titles based on previous viewing habits or introducing users to new genres they might enjoy, Netflix's recommendation engine plays a crucial role in enhancing the overall viewing experience.

This data-driven approach not only enhances the user experience but also helps Netflix understand and anticipate customer preferences. By consistently improving its recommendation engine, Netflix maximizes customer satisfaction and engagement, which in turn drives subscriber retention.

Moreover, Netflix's data-driven insights also inform its content production and acquisition decisions. By analyzing viewer trends and preferences, the company can identify gaps in the market and develop content that resonates with its audience. This targeted approach to content creation ensures that Netflix continues to deliver compelling and relevant programming.

In conclusion, Netflix's success can be attributed to its subscription-based model, content production and acquisition, and data-driven personalization. By offering a wide range of content, tailored recommendations, and a seamless user experience, Netflix has become a dominant force in the entertainment industry, shaping the way we consume and enjoy media.

Revenue Streams of Netflix

Netflix, the leading streaming platform, has established multiple revenue streams that contribute to its financial success. While monthly subscription fees and content licensing are the primary sources of revenue, Netflix has also formed strategic partnerships with telecom and cable providers to expand its reach and accessibility.

Monthly Subscription Fees

One of the key revenue streams for Netflix is its monthly subscription fees. The platform offers a range of subscription plans to cater to different needs and preferences. Subscribers can choose from basic, standard, and premium plans, each offering various features such as streaming quality and simultaneous device usage.

These subscription fees play a significant role in Netflix's revenue generation. With millions of subscribers worldwide opting for the convenience and extensive content library offered by the platform, the subscription fees contribute substantially to Netflix's financial success.

Content Licensing

In addition to producing original content, Netflix also focuses on licensing popular shows and movies from external production companies and studios. By acquiring the rights to stream these licensed content, Netflix expands its library and attracts a wider audience.

Content licensing agreements require Netflix to pay royalties or licensing fees to the content owners. The amount of these fees varies depending on the popularity and exclusivity of the content. However, the revenue generated from licensing helps diversify Netflix's content offerings, making it more appealing to subscribers.

Partnership with Telecom and Cable Providers

Recognizing the importance of expanding its reach, Netflix has strategically partnered with telecom and cable providers. These partnerships allow Netflix to tap into a larger customer base and offer its services as part of bundled packages.

By teaming up with these providers, Netflix not only gains access to new markets but also attracts customers who may not have previously considered subscribing to the platform. This additional revenue stream strengthens Netflix's position in the industry and drives further growth.

Furthermore, these partnerships often involve revenue-sharing agreements , where Netflix receives a portion of the subscription fees from the bundled packages. This mutually beneficial arrangement allows both Netflix and the telecom/cable providers to leverage each other's strengths and expand their customer base.

In conclusion, Netflix's revenue streams are diverse and strategically designed to maximize its financial success. The combination of monthly subscription fees, content licensing, and partnerships with telecom and cable providers has enabled Netflix to become a dominant player in the streaming industry.

The Role of Original Content in Revenue Generation

Investing in original content has been a pivotal strategy for Netflix. By producing its own series, movies, and documentaries, the company not only differentiates itself from competitors but also creates additional revenue streams.

Netflix's commitment to original content goes beyond mere differentiation. The company understands that investing in high-quality, unique content is essential to attracting and retaining subscribers in today's highly competitive streaming landscape.

Investment in Original Content

Netflix allocates a significant portion of its budget to produce high-quality original content. This investment allows the company to attract top talent, produce critically acclaimed shows and movies, and build a loyal fan base.

With its substantial financial commitment, Netflix can afford to take risks and experiment with different genres and formats. This freedom allows the company to push creative boundaries and deliver innovative storytelling that captivates audiences around the world.

By owning the rights to its original content, Netflix can leverage revenue from licensing agreements with other platforms and broadcasters. This further monetizes its content library and increases overall profitability. The success of shows like "Stranger Things" and "The Crown" has led to lucrative licensing deals, allowing Netflix to expand its reach and generate additional income.

Impact on Subscriber Growth and Retention

Original content plays a crucial role in attracting new subscribers and retaining existing ones. Netflix's commitment to creating compelling and diverse original content has garnered a devoted following who eagerly anticipate each new release.

Exclusive shows such as "Stranger Things" and "The Crown" have become cultural phenomena, drawing in millions of viewers worldwide. These shows not only captivate audiences but also generate buzz and excitement, leading to increased word-of-mouth recommendations and social media discussions.

The popularity of Netflix's original content not only drives subscriber growth but also increases subscriber retention. Viewers are more likely to continue their subscriptions to stay updated on their favorite Netflix originals. The company's ability to consistently deliver high-quality content keeps subscribers engaged and satisfied, reducing churn rates.

Moreover, original content allows Netflix to personalize its offerings and cater to different audience segments. By producing a wide range of genres and formats, the company ensures that there is something for everyone, further enhancing subscriber satisfaction and loyalty.

In conclusion, investing in original content has proven to be a winning strategy for Netflix. It not only sets the company apart from its competitors but also creates multiple revenue streams and drives subscriber growth and retention. By continuing to prioritize original content, Netflix remains at the forefront of the streaming industry, captivating audiences worldwide.

Challenges and Risks in Netflix's Business Model

While Netflix's business model has been highly successful, it is not without its challenges and risks. These include the high cost of content production and acquisition, dependence on network neutrality, and competition in the streaming market.

High Cost of Content Production and Acquisition

Producing and acquiring high-quality content comes at a significant cost. Netflix's continued investment in original content and licensing agreements requires substantial financial resources. As the platform expands globally and increases its content library, the expenses associated with content creation and licensing may continue to rise.

Managing these costs while maintaining a competitive subscription price poses a challenge for Netflix. However, the company's strong revenue streams and commitment to creating compelling content help offset these expenses.

Dependence on Network Neutrality

Netflix's success relies heavily on network neutrality, which ensures that internet service providers treat all online traffic equally. The ability to stream content smoothly and without interruptions is crucial for Netflix's user experience.

However, changes in net neutrality regulations or the introduction of data caps by internet service providers could pose a risk to Netflix's streaming quality and user satisfaction. The company must monitor and adapt to any potential shifts in net neutrality policies to mitigate this risk effectively.

Competition in the Streaming Market

The streaming industry is highly competitive, with numerous players vying for subscribers' attention. Netflix faces competition from both established companies and new entrants in the market.

Rival streaming services such as Amazon Prime Video, Hulu, and Disney+ offer compelling content libraries and original productions that attract subscribers. Additionally, cable and satellite providers are launching their own streaming platforms, further intensifying the competition.

To stay ahead of the competition, Netflix must continue to produce high-quality original content, invest in technology to enhance user experience, and maintain a strong presence in both domestic and international markets.

In conclusion, Netflix's business model revolves around its subscription-based model, content production and acquisition, and data-driven personalization. The company generates revenue through monthly subscription fees, content licensing, and partnerships with telecom and cable providers. Investment in original content plays a crucial role in revenue generation, attracting and retaining subscribers. Despite facing challenges such as the high cost of content and competition in the streaming market, Netflix's solid business model and innovative strategies have propelled it to become a global leader in the entertainment industry .

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Netflix Business Model (2023) | How does Netflix make money

Last Updated: Feb 3, 2023

Company: Netflix, Inc. Co-CEO:  Ted Sarandos & Greg Peters Year founded: 1997 Headquarter:  Los Gatos, USA Type: Public Ticker Symbol: NFLX (NASDAQ) Market Cap (Feb 2023):  $ 162.95 Billion Annual Revenue(FY22): $ 31.6 Billion Profit |Net income (FY22): $ 4.49 Billion

Products & Services:  Netflix Official Website | Monthly Subscription Plans | Video Recommendation-Algorithm System Offerings Streaming Options Domestic (featured tool) | International Streaming Options and Features Competitors:   Amazon Prime Video | HULU | YouTube | Direct TV | Sony PlayStation’s Vue | HBO | Sling TV | HotStar | Disney + | Apple TV+

Table of Contents

Introduction to Netflix, Inc.

Netflix, Inc . happens to be one of the most successful entertainment mass-media-companies of all times. Netflix, Inc. originally began its inception in 1998 by providing services to customers through means of mailing out physical copies of movies, shows, video games and other forms of media through standard mailing system.

Through its successful startup and the rapid changes that technology introduced over time, Netflix converted its business model . They went from physical copies handouts to allowing customers streaming their favorite contents from the comfort of their own convenience.

Today, the platform has advanced to streaming technologies that have elevated and improved Netflix’s overall business structure and revenue. The platform provides its viewers the ability to stream and watch a variety of TV shows, movies, documentaries and much more, through means of using a software application.

Since Netflix converted to streaming, it is the world’s ninth-largest internet company by revenue , ranging its presence at a global scale. The following is a compilation that comprises specifications of Netflix’s business canvas model and its core operations.

Business Model Canvas of Netflix

1. Netflix’s Key Partners

Netflix has built more than 35+ partners across the media business. Netflix today has millions of different types of genres for subscribers to select from and enjoy watching. 

• Built alliances with Smart TV companies like LG and Sony for new emerging markets and several other aspects.
• Netflix has set an alliance with Wii , X-Box , PlayStation and many other brands in the gaming industry. Netflix built partnerships to provide and cater its “ gamer-clients ” with an entertainment video game.
• Netflix joined forces and partnered with Dish, Tivo and other TV network companies.
• Netflix crucial phase of converting the business from mail-in-system to streaming, Netflix established a partnership with Apple , Android, and Microsoft .
• Finally, Netflix joined the network and big data providers like Google and Amazon . (Amazon was accompanied to promote Netflix listings and subscription options)
• Netflix recently partnered with Samsung to further integrate its streaming service with Galaxy smartphones. In exchange, Samsung users will benefit from Netflix’s original shows and special bonus content.
• To expand in West Africa more aggressively, Netflix partnered with Nigerian filmmaker Mo Abudu , the owner of Ebony Life TV. This partnership will enable Netflix to create new content targeting consumers in West African nations.

2. Netflix’s Value Propositions

Netflix strategizes methods and aims to provide the best customer experience by deploying valuable propositions.

Here are a few of what Netflix idolizes:

• Users can stream 24-7, minus the ads !
• View shows & movies in high-definition
• Stream content conveniently anywhere without going to a DVD store or theatre
• Get unlimited access to TV shows and movies
• Access to exclusive Netflix’s original movies or shows
• New signups can avail a 30-day free trial ( 1 month free of services )
• Contract-oriented but can cancel at any time !
• Access locally-produced and culturally-relevant content
• Receive algorithmic recommendation for new items to watch
• Avoid commercials ads- Some people like looking at commercials and other advertisements and some people avoid them.
• At Netflix, users have the flexibility to either turn on notifications and suggestions or keep them switched off.
• Netflix “ user profiles ” gives leverage for users to personalize their user account and preferences. The User profiles allow the “admin-user” to modify, allow or ever restrict certain users
• Sharing accounts options is one of the rarest features a movie platform can provide. Sharing accounts feature on Netflix allows spouses, friends or even groups to share an account with specific filters and preferences already set.
• Netflix solves the issues with theaters and mainstream media that frustrated most consumers. The company promises to solve the problems of its target with four simple words – Watch Anywhere. Cancel Anytime .

3. Netflix’s Key Activities

• Hire and retain software and tech geeks
• Maintain and expand its platform on the website, Mobile apps, TV apps.
• Produce, acquire and license Netflix’s original content to expand its video library
• Develop its pricing strategy and subscription model to ensure affordability and new customer acquisition.
• Develop a roadmap to enter into the new market .
• Ensure great user recommendation to retain current customer base.
• Build and secure a partnership with Studios and content production house
• Negotiate the deals with Studios, Content providers and Movie production houses
• Comply with the laws (laws as per to State or Region/country), maintaining compliance to censorship , specifically for minors and children. Netflix has always promoted and operated within the boundaries of censorship.
• Supporting disadvantaged communities and other ideological issues that are important to its customers. 
• Building local communities and economies that support the development of its local original content .

4. Netflix’s Customer Segments

• The Netflix platform is designed to offer a vast collection of different types of genres for subscribers to select from. Their collection (movies or shows) are designed appropriately for
• Everyone, who is interested in watching movies, TV shows and documentaries – and honestly who isn’t?
• Although Netflix offers content for children and adults alike, Netflix aims to promote Family-friendly , educational and entertaining content to help capture the better interests of families.

5. Netflix’s Customer Relationships

Self-setup made easy.

• Netflix platform was originally designed to ensure that it is simple and easy to use.
• Developers of the Website ensured to associate elements and themes that serves and promotes friendliness and provides a self-setup

Exceptional Customer Experience

• Netflix provides customer services through means of the website portal, email inquiries and users have the option to reach a representative directly, by telephone and live chat.

Online Live Chat Services

• Users have the option to opt-in to a live chat session with a Netflix representative.
• Users can directly chat with a Netflix representative to ask questions and support related inquiries.
• Request for discounts and other special promotional deals that they may qualify or offer such user or subscriber.

Social media

• Channeling major advertisements, deals, and other promotional deals through Social media channels and other relative platforms to help gain the high attraction of customer and new sign up users conversions.
• Social media is also used to inform and update individuals that operate or are familiar with the Netflix platform. Such platforms may include Facebook , LinkedIn , Instagram, Twitter , Snapchat etc.

Netflix gift Cards

• Part of the subscription plan, all users will be geared to receive special promotional discounts and other gift cards to avail.

6. Netflix’s Key Resources

Software developers.

• Software developers at Netflix are at constant innovation
• Design and enhance to help create a better customer-user experience

Recommendation system (algorithm)

• Artificial intelligence and selection preference sequence technology helps developers design and build the recommendation algorithm system for its users.
• Some data are based on “new releases,” or internal data that identifies user watch selection and the most viewed.
• Provides users with relative results based off of frequent searches

7. Netflix’s Channels

Through Netflix’s channeling sequence, users and interested users can access Netflix platform from one or more of the following;

• Online streaming through the website
• Streaming through Mobile apps
• Streaming on TV Apps and Gaming consoles
• Mail delivery for DVDs

8. Netflix’s Cost Structure

• Major purchasing rights establishment (TV shows and movies)
• Cost of producing movies
• Cost for providing personalized recommendations, R&D and artificial intelligence
• Subscription maintenance cost
• Paid-Connection deal with Internet Service Provider (ISP) such as Comcast to stream Netflix data at high speed.
• Infrastructure (data centers) cost of streaming content
• DVDs and mail-related shipping costs
• Employee salary distribution (customer service, Engineers, etc.)

9. Netflix’s Revenue Streams

It wasn’t until 2007, when Netflix launched “streaming” services through Netflix subscription plans , that it attained significant revenue streams and additional revenues.  

• Monthly subscriptions fees with three different price options In US market (Basic – $8.99/month, Standard – $12.99/ month & Premium – $15.99/ month)
• Netflix has established a global presence with international streaming to expand its customer base.
• Upselling opportunities – Upgrade from Basic to Premium Plan etc.
• Money-making movie studio with Netflix original shows like fuller house, house of cards, etc.

How does Netflix Make Money?

Netflix was a platform which started as only offering an extensive collection of movies, shows and dramas (925 listings) through the mail-in-delivery system . It wasn’t till 2007 when Netflix has decided to convert their business structure from mail-in-system to streaming content based on subscriptions. Before launching online streaming in 2007, Netflix revenue on average summed at annually at around $997 million . 

Subscription-based Business Model

• Netflix has over 230 million members from over 190 countries (as of Dec 2022)
• In fiscal year 2022, Netflix generated  $31.6 billion annual revenue from both the United States and international regions.

Important partnerships

• One of the most influential tactics implemented was its ability to build alliances with a wide range of movie producers, filmmakers , writer, and animators to receive content and legally broadcasting the contents required aligning licenses.
• To make the Netflix platform and its streaming possible, setting the partnership between Internet Service provider was also crucially important.

Technology ( Monolithic architecture )

• Technology platforms allowed “streaming” accessibility to become convenient and unique and during their conversion year in 2007, not a lot of media companies offered such, which made the platform greatly attractive.

During the early year in 2000, Blockbuster was offered to purchase Netflix and all of its assets for only $50 million .

As of feb 2023, Netflix is worth $163   Billion in market cap value. Perhaps, it isn’t really about what a company sells, rather, it’s about how a company sells or promotes its products.

Through Netflix’s powerful technological tactics, innovating the accessibilities has helped to increase customer/user experience positively. Netflix implemented in several areas that helped to capture the global market. 

 References & more information

• Netflix Annual Report

Tell us what you think? Did you find this article interesting?                                                     Share your thoughts and experiences in the comments section below.

A management consultant and entrepreneur. S.K. Gupta understands how to create and implement business strategies. He is passionate about analyzing and writing about businesses.

11 comments

Cancel reply.

Informative article, exactly what I needed.

Informative article!

Thanks Umar, Happy reading !

Disney+ next?:)

really a good one

Thanks Luca !

Yes, artical was very informative. Thank you.

Kirby – Thank you for the great feedback, really appreciate it. Happy reading !!!

excellent insight

Great article! Where can I find the list of sources you used? Thank you!

The Primary source of the article is Netflix’s Annual report – you can find the link in the reference section. And for secondary sources, links are embedded within the article.

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Netflix Business Strategy

Netflix’s business strategy revolves around content acquisition, including licensing agreements and original production, coupled with a personalized user experience and global expansion. They leverage advanced streaming technology, cloud infrastructure, and data analytics to optimize content delivery. Their strategy focuses on offering a wide variety of high-quality entertainment to a global audience through a user-friendly platform.

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Facebook let Netflix peek into user DMs, explosive court docs claim

The court documents were unsealed last week and form part of a major anti-trust lawsuit.

Facebook privacy lapses showed gross negligence, but no crime: Judge Napolitano

Facebook privacy lapses

The social media giant Meta allegedly allowed Netflix to access Facebook users' direct messages for nearly a decade, breaking anti-competitive activities and privacy rules, explosive court documents claim.

The court documents, which were unsealed last week, are part of a major anti-trust lawsuit filed by U.S. citizens Maximilian Klein and Sarah Grabert, who claim Netflix and Facebook "enjoyed a special relationship" so that Netflix could better tailor its ads with Facebook .

Facebook received millions of dollars in ad revenue from Netflix as part of these close ties, guaranteeing ad spending of $150 million in 2017, the lawsuit claims. 

Social media giant Meta allegedly allowed Netflix to peek into Facebook users' direct messages, court documents claim. (Jaap Arriens/NurPhoto via Getty Images | Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via / Getty Images)

APPLE, GOOGLE, META TARGETED IN EU'S FIRST DIGITAL MARKETS ACT INVESTIGATIONS

The lawsuit also claims Netflix's co-founder, Reed Hastings, joined Facebook’s board of directors and then was instrumental in the closure of Facebook Watch – a streaming service competitor to Netflix.

The lawsuit was filed in April 2023 and demands the court have Hastings respond to the plaintiff’s claims.

"For nearly a decade, Netflix and Facebook enjoyed a special relationship. Netflix bought hundreds of millions of dollars in Facebook ads; entered into a series of agreements sharing data with Facebook; received bespoke access to private Facebook APIs; and agreed to custom partnerships and integrations that helped supercharge Facebook’s ad targeting and ranking models," the lawsuit states.

APIs (application programming interface) are pieces of software that allow two or more computer programs or components to communicate and share information with each other.

The API agreement allowed "Netflix programmatic access to Facebook’s private messages inboxes, in exchange Netflix would ‘provide to FB a written report every two weeks that shows daily counts of recommendations sends and recipient clicks by interface, initiation surface, and/or implementation variation (e.g. Facebook vs. non-Facebook recommendation receipts).’"

"In August 2013, Facebook provided Netflix with access to its so-called ‘Titan API,’ a private API that allowed a whitelisted partner to access, among other things, Facebook users’ ‘messaging app and non-app friends,’" the documents claim.

Meta CEO Mark Zuckerberg established Meta in 2021. (Kevin Dietsch / Getty Images)

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Meta has said in the past that it does not disclose people’s private messages to partners without their knowledge and that the API access only gave partners an ability to reach inboxes, i.e. to send messages to users via API.

"Meta didn’t share people’s private messages with Netflix," a Meta spokesperson told Fox Business on Tuesday. "As the document says, the agreement allowed people to message their friends on Facebook about what they were watching on Netflix, directly from the Netflix app. Such agreements are commonplace in the industry. We are confident the facts will show this complaint is meritless."

FOX Business also reached out to Netflix for further comment but did not immediately receive a response. Facebook changed its name to Meta in 2021 as its CEO Mark Zuckerberg unveiled metaverse, a virtual reality space.

In 2018, the New York Times published a report citing hundreds of pages of Facebook documents , alleging Facebook had authorized Spotify and Netflix to access users' DMs. 

The publication reported that the connections helped Facebook gain explosive growth and bolstered its ad revenue streams. 

Meta has already been fined for sharing users' information without permission. 

In 2022, Ireland fined Meta $284 million after data about more than half a billion users was leaked online. 

Netflix logo is displayed in a photo illustration, Jan. 23, 2023. (Beata Zawrzel/NurPhoto via / Getty Images)

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Full names, phone numbers, locations and birthdays of users who used the platform between 2018 and 2019 were leaked online by a "bad actor" who Meta said exploited a security vulnerability, reports the Daily Mail.

That same year, Meta agreed to pay $725 million to settle a security breach case related to Cambridge Analytica, a British social media engineering company.

The firm had paid Facebook for access to the personal information of about 87 million Facebook users, which was then used to target U.S. voters during the 2016 campaign that culminated in Donald Trump's election win.

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