This era is the follower of trends and fads, short-lived but impactful. Some revolutions weren’t anticipated at all, and switching from television screens to mobile screens topped this list. Netflix. Inc is one of the premier shows and movie streaming company which brought a storm in this industry. Unequivocally, “first-mover advantage” is the principal rationale behind this company subjugating the market. Netflix has a myriad of movies and shows to watch from. Not to overlook, the content here is updated from time to time. Oodles of genres being its best quirk, the application is, however, worth a king’s ransom.
It all dates back to 1997 when Marc Randolph and Reed Hastings were commuting back to their homes. Marc Randloph, a geology graduate, was the marketing director at Pure Atria, the company of Reed Hastings. Hastings was already an entrepreneur who, in 1991, founded Pure Software. This company made requisite tools for software developers. After deliberating with his fellow, he invested $2.5 million into this new startup.
Considering the feasibility of VHS cassettes, they thrust on keeping DVDs as their product. Officially, the market saw the incorporation of Netflix in April 1998. Originally, a pay-per-rental model for rent-by-mail DVD service, Randloph covered all the basis of foundation. The company operated through its website where costumers placed their orders. In response, the then-1000 staff startup delivered these orders films to their doorstep. $6 was the rent for DVDs, including postal charges. Later they switched to a subscriber-based model. With this model, users could follow the DVDs for as long as they liked. However, costumers could only rent a new movie after returning their existing one.
The year 2000 saw Netflix introducing a movie recommendation system, the USP Netflix is known for. Two years later, its 600,000 subscribers induced them to make a public offering of 550,000 shares for $15 each. In less than the next 11 months, Netflix celebrated its one million subscribers. It was the year 2007 that Netflix aired its streaming service, called “Watch Now.” It allows members to watch television shows and movies on their personal computers instantly. Netflix, realizing the potential of streaming, didn’t hesitate to shift the company’s business model. Starting the service with just 1,000 titles and limited access on PCs and Internet Explorer was a courageous decision. But later, it revolutionized the way the entertainment industry was viewed.
It collaborated with production houses and completed its 100 million subscribers worldwide. Its glorified image with a plethora of Emmy awards and 123 nominations makes it the biggest streaming platform ever seen in the history of the world.