Netflix: History of how the streaming platform became big

Netflix is well-known to many people as their go-to web streaming app. Approximately 30% of the US population reportedly has Netflix accounts and the platform has over 100 million active users. Netflix is evidently the biggest producer of original digital content yet with more than 150 original series and films and more adding to the list regularly. The online streaming giant reportedly had a net worth of over 150 million dollars in 2018. Though the company is now known for its digital streaming platform, it originally did not start out to be so.

Also read: Netflix Faces Backlash From Hollywood Actors Due To Speed Up Feature

History of Netflix

Netflix was established back in August 1997. Two entrepreneurs named Marc Randolph and Reed Hastings started out in California. When first formed, Netflix was a website which strictly only allowed movie rentals. The founders wanted to make renting DVDs of films easy by making them available on their website. People would receive their DVDs through the post, once the DVDs rental period was over, people posted them back to Netflix via the post. 

Also read: Drive Movie: Heist Drama Now A Sushant Singh-starrer Netflix Original

Back in the 1990s and early 2000s, a company named Blockbuster dominated the market for DVD rentals. People could visit their nearby Blockbuster DVD rental store and rent out their favourite movies to return them when done watching. This stable business model of Blockbuster was reportedly disrupted with the introduction of Netflix as people could order DVDs from the comfort of their homes. As per reports, Netflix's CEO and co-founder made a visit to Blockbuster and offered them a partnership, which Blockbuster denied.

Also read: Game Of Thrones Creators Ditch Star Wars Citing Netflix Commitment

Netflix reportedly offered Blockbuster a chance to buy them for 50 million dollars. Blockbuster did not wish to buy their competitors and instead continued with their traditional model of business. Netflix started its streaming platform in 2010, the same year when Blockbuster filed bankruptcy. Netflix is now reportedly the most successful streaming platform, many companies have evidently tried to copy their business model and launched their own streaming platforms. The name Netflix apparently is derived from two abbreviations. 'Net' is a commonly known name for the internet and 'Flix' is an abbreviation for flicks, an informal name for films/movies. 

Also read: Lust Stroies By Netflix To Have A Telugu Version Starring Amala Paul

Also read: Netflix's Playback Speed Test Feature Invites Backlash From Hollywood