Netflix story – From DVD rentals to household name
Netflix has had quite a journey since it’s inception in 1997 and now ‘netflix and chill’ has become quite renowned globally. Starting out as DVD rental service by Mark Randolph and Reed Hastings back in 1997, offering a hassle-free rental service without due dates, late fees and shipping fees and due to this Netflix had become a known name in the home video sales and rental industry in the 2000s.
In 2002, they initiated IPO selling and by 2005, it already has a whopping 35k movie titles and shipped out a million DVDs every day. Isn’t interesting?
The Netflix Internet Splash
In 2005, another video streaming platform youtube started gaining its popularity and Netflix saw the potential in the content streaming market and hence initiated a plan of sending ‘Netflix box’ to their subscribers. Though the plan scrapped as the online video streaming demand raised despite bandwidth constraints.
It was then Netflix decided to implement streaming service and by 2007 it was completed and sailed the ship smoothly from there. Within 5 years, it has about 27 million US streaming customers. The enormous response led Netflix to grow further and in September 2014, it moved out to 40 countries in the world. But hey, hold on, the course didn’t stop, Netflix announced its plan to expand to 150 countries and was done by the end of 2017.
Finally, in 2018, the company became one of the largest media and entertainment industry in the world and as thank you gift to there subscribers, it planned to announce 80 Netflix original movies of which 20 are already available on Netflix (India).
From the neighbour DVD shop to revolutionizing the international entertainment industry, it has been quite a journey as they rose to the top despite facing continued aggression from competitors. The one and only reason behind such a massive success is because of their ability to look forward into the future of the entertainment industry which played a pivotal role in the growth of the streaming service. Netflix recognised the proper path and voila here they are now, in every individual’s thought.
Using resources from others is definitely a great way to start your business, but a successful entrepreneur has to know when to produce one’s own resources in order for the business to grow (source: Pinterest quotes) and the same was done very efficiently by Netflix and therefore made its recognition globally.
If you haven’t subscribed yet on Netflix do it now, here.