Netflix History

Netflix, Inc. is a media company based in Los Gatos, California, founded in 1997 by American entrepreneurs Reed Hastings and Marc Randolph. The company has been pushing the envelope as a content deliverer since its inception. Netflix first disrupted the Blockbuster video-rental model; it then took on video streaming and cable companies, then content creators, and, as of 2023, broadcasters.

‍1997–2006: Video rental

Netflix was launched in 1997 as a DVD rental service that charged a per-rental fee. With tens of thousands of titles available, subscribers could select movies and TV shows through the website and receive the discs by mail. In 1999, Netflix offered an online subscription service; by the year 2000, this included flat-fee unlimited rentals with no due dates, late fees, or shipping fees.

In 2000, the company introduced a personalized movie recommendation system, using an algorithm to predict an individual’s movie preferences based on previous rental data. This system was improved after the Netflix Prize contest in 2006 challenged 40,000 contestants to improve the accuracy of movie recommendations by 10%. The $1 million Netflix Prize was awarded in 2009 to BellKor’s Pragmatic Chaos, a team made up of seven mathematicians, computer scientists, and engineers from the United States, Canada, Austria, and Israel.

2007–2012: Streaming

In 2007, Netflix heralded a new era with the introduction of streaming services that allowed subscribers to access content directly over the Internet. Streaming delivery quickly gained momentum, becoming unlimited for most subscription plans. Netflix partnered with makers of video game consoles, Blu-ray Disc players, and other electronics to enable video streaming on those devices.

By 2010, Netflix introduced a streaming-only plan. The company initiated its global expansion to Canada, Latin America, the Caribbean, and Europe by 2012, reaching over 190 countries and territories by 2016.

The video streaming war (and subsequent subscription fatigue)

In addition to Netflix, there’s Apple TV+, Disney+, Hulu, ESPN+, Paramount+, Peacock, and more. Learn who’s who and what’s next in the world of streaming services.

2013–2020s: Original content

As streaming became its primary revenue generator, Netflix shifted its focus to the production of original content in 2013. By 2023, Netflix boasted more than 3,600 original titles.

In 2022, Netflix announced plans to begin cracking down on password sharing, noting that over 100 million households had shared their account passwords with others. The crackdown was credited with boosting subscriber rates, with Netflix reporting it had added 8.8 million subscribers worldwide in the third quarter of 2023. The company also said it would raise prices on its streaming services.

Netflix could be confident in cracking down on password sharing and raising prices because it sensed users would be willing to pony up for its broad collection of original programming.

2023–present: Live programming

In 2023, Netflix began live streaming with its stand-up special Chris Rock: Selective Outrage. In January 2024, Netflix said it had inked a 10-year deal with World Wrestling Entertainment (WWE) to stream a weekly live professional wrestling program, Monday Night Raw, beginning in 2025. In March 2024, the company announced it would live stream a fight between boxers Mike Tyson and Jake Paul in July.

Award-winning original content

Notable Netflix series include:a series that won multiple awards, including three Primetime Emmy Awards in its first season.

• Unbreakable Kimmy Schmidt (2015–20), a comedy about a woman rescued from a doomsday cult.
• Narcos (2015–17), about drug trafficker Pablo Escobar and the Drug Enforcement Administration (DEA) agents hunting him, one of whom was played by Pedro Pascal.
• The Crown (2016–24), a drama about the British royal family that won more than 100 international awards, including five Critics Choice awards, 21 Primetime Emmy awards, two Golden Globe awards, and seven Screen Actors Guild awards.
• Stranger Things (2016–), a sci-fi drama set in the 1980s that has won more than 100 international awards, including a Screen Actors Guild award.
• Money Heist (2017–2021), a Spanish crime drama.
• Bridgerton (2020–), an adaptation of a romance novel series set in 19th century London.
• Squid Game (2021–), a South Korean show about a bloody survival game that has won more than 40 international awards, including a People’s Choice award.

Notable Netflix movies include:

• Roma (2018), which won three Academy Awards, including best foreign language film.
• The Irishman (2019).
• All Quiet on the Western Front (2022), which won four Academy Awards.

In January 2024, Netflix programs received 19 Oscar nominations, but took home just one award at the 96th annual Academy Awards held in March.

With its innovative spirit and diverse content library, Netflix has reshaped the landscape of entertainment.

Sourced from Britannica