Netflix
Netflix was founded in 1997 by Reed Hastings and Marc Randolph in Scotts Valley, California. The company’s primary business is a subscription-based streaming service offering online streaming from a library of films and television series. As of October 2020, Netflix had over 195 million paid subscriptions worldwide, including 73 million in the United States. Netflix released an estimated 126 original series and films in 2016, more than any other network or cable channel.
About Netflix in brief
Netflix was founded in 1997 by Reed Hastings and Marc Randolph in Scotts Valley, California. The company’s primary business is a subscription-based streaming service offering online streaming from a library of films and television series. As of October 2020, Netflix had over 195 million paid subscriptions worldwide, including 73 million in the United States. Netflix released an estimated 126 original series and films in 2016, more than any other network or cable channel. In October 2018, Netflix announced it would raise another USD 2 billion in debt to help fund new content. It is available worldwide except in the following: mainland China, Syria, North Korea, and Crimea. It was reported in 2020 that Netflix’s operating income is USD 1. 2 billion. Netflix is a member of the Motion Picture Association, producing and distributing content from countries all over the globe. Netflix’s initial business model included DVD sales and rental by mail, but Hastings abandoned the sales about a year after the company’s founding to focus on the initial DVD rental business. Netflix launched as the world’s first online DVD-rental store, with only 30 employees and 9 titles available. Netflix expanded its business in 2007 with the introduction of streaming media while retaining the DVD and Blu-ray rental business, The company expanded internationally in 2010 with streaming available in Canada, followed by Latin America and the Caribbean. Netflix entered the content-production industry in 2013, debuting its first series House of Cards. Since 2012, Netflix has taken more of an active role as producer and distributor for both film and TV series, and to that end, offers a variety of \”Netflix Original\” content through its online library.
In 2000, when Netflix had just about 300,000 subscribers and relied on the US Postal Service for the delivery of their DVDs, their losses would be USD 57 million and offered to be acquired by Blockbuster for USD 50million. Since that time, the company has built its reputation on the business model flat-fee rentals without due dates, late fees, shipping and handling fees, per-title rental rental fees, or per-month subscription rates. Netflix introduced the monthly subscription model in September 1999, and then dropped the monthly concept in September 2000. Netflix has offices in France, the United Kingdom, Brazil, the Netherlands, India, Japan, and South Korea. In July 2010, Netflix became the largest entertainmentmedia company by market capitalization. Netflix released its first original series in 2012, and has since released more than 100 original series, including those produced in-house, including the hit series “House of Cards” The company has a long-term debt of USD 21.9 billion as of September 2017, up from USD 16. 8 billion from the previous year. Netflix announced in October 2018 that it will raise another $2 billion in debt, with the remainder in long- term obligations. Netflix was acquired by Rational Software Corporation in 1997 in what was then the biggest acquisition in Silicon Valley history. The two came up with the idea for Netflix when commuting between their homes in Santa Cruz and Pure Atria’s headquarters in Sunnyvale.
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This page is based on the article Netflix published in Wikipedia (as of Dec. 19, 2020) and was automatically summarized using artificial intelligence.
