About the Company
Netflix co-founders Reed Hastings and Marc Randolph first had an idea of sending rented DVDs by mail in 1997. They tested this idea by mailing themselves a DVD and found that it arrived intact. In the following year, they set up Netflix.com as a DVD rental company with a flat-rate subscription. Although this company started out as a DVD sales portal, they abandoned this business aspect in the next year. In 1999, their subscription service started without any late fees or due dates and grew in popularity. By 2000, Netflix created a personal movie recommendation system to target and retain customers and predict users' preferences. In 2002, Netflix stock was opened with an Initial Public Offering at $1 per share on NASDAQ under the ticker NFLX. It acquired Broke and Bones Inc. in 2020 and the Egyptian Theatre in Hollywood California in the same year.
Netflix is headquartered in Los Gatos, California and has over 204 million paid memberships across 190 countries. In 2003, Netflix membership crossed 1 million users, and the company received a patent from the US Patent and Trademark Office. By 2006, the membership had grown to around 5 million users. But the first significant switch in business started in 2007 when Netflix began streaming shows over the Internet across countries from its database of movies. People could now instantly watch movies and documentaries. By 2008, the company partnered with consumer electronic brands to allow streaming on Xbox 360, Blu-ray players and TV set-up boxes. The company offered $1 million USD as a prize to Bellkor's Pragmatic Chaos to improve their recommendation algorithm by 10%. The subscribers overshot 10 million the same year.
By 2010, this company opened services in Canada and launched streaming facilities on mobile phones. In 2011, Netflix opened for business in the Caribbean and Latin America. The next year, it crossed the continent to launch in the UK, Ireland and other Nordic Countries. In 2013, Netflix entered the production business with its award-winning show, House of Cards. 2015 saw Netflix’s first original feature film debut on the platform. It has won numerous awards including eight Academy Award wins, thirty-seven Emmy Awards, and one Grammy Award, as well as four Golden Globes.
Membership has extended worldwide except in China, North Korea, and Crimea. It has over 195 million subscribers worldwide as of 2021. In 2020, it was the most nominated production company at the Academy Awards. By 2020, it also became the largest entertainment company by market capitalization.;
|Los Gatos, CA