what is netflix?
how does Netflix work technically but first let’s discuss what is Netflix? You probably heard about Netflix. For those of you who’ve been living in a cave. Netflix is the most popular streaming service in the world. Today it has millions of subscribers. So it’s hard to believe that this company was once on the verge of collapse. Netflix appeared a little bit before Google in 1997.
who is Founder of Netflix?
Netflix was founded by programmers mark Randolph And reed hastings. No one knows who came up with the idea or how people used to believe that hastings. Decided to open his DVD by mail rental business after being fined for 40 dollars at a blockbuster video store. but this story turned out to be a joke hastings invested 2.5 million dollars in startup cash for Netflix.
It was a straightforward business user could choose a film from the website pay for it. And receive it by mail hastings and Randolph considered and rejected VHS tapes focusing on renting DVDs. They were more comfortable to deliver than VHS tapes. Although they still were delicate, that’s why Netflix came up with a special packing to protect their DVDs.
But there was another problem back then there were only 925 titles available on DVD. So it wasn’t easy to start but a couple of years later there were already 250000 movies in their catalogue. At the beginning of the 2000s, Netflix had around 300 000 subscribers.
It was then that the company developed a searching system that could tell people what to watch. Based on their prior experience at the same time, the company started offering European and Indian movies. As well as art films some other products were also popular including a video about the Clinton. Lewinsky scandal despite being a popular service. Netflix was losing money.
So they offered to sell a 49 stake in Netflix to blockbuster. Their main rival but blockbuster said no nevertheless. Netflix kept growing in 2002. The company initiated an initial public offering on Nasdaq selling 5.5 million shares of common stock. At the price of 15 per share. Despite its success mark Randolph decided to leave the company. To develop an online book rental service at the same time.
So Netflix started offering video on demand via the internet by 2007. The company stopped selling DVDs back then for just eight dollars. Subscribers had unlimited access to thousands of films on the internet around the same year.
Netflix decided to get some feedback from their subscribers in 2006. They launched a tech competition offering a prize of 1 million dollars. For the winner, the participants had to place the film napoleon dynamite under the right category. It wasn’t as easy as it sounds. In the end, the winner was chosen only four minutes before the deadline in 2010.
So Netflix became an international service. While growing steadily inside the USA people started using Netflix more than cable tv. Also in the USA the term Netflix cheating appeared. It is used when a person watches episodes of a tv show ahead of their partner or friend. I know right at the same time blockbuster went bankrupt.
Yeah, the same company that didn’t want to buy Netflix. And sometime later Netflix found a new colon producing original series. The first one was a house of cards it became the first original online-only web television series. To receive major Emmy nominations it also showed people that there’s no need to gather in front of a tv at a particular time of the day. To watch your favourite show now it’s all on the internet today. There are more than 76 897 film categories on Netflix. And this company is worth more than Disney nowadays Netflix is a very secretive the company. They don’t want people to find out about their new shows and films before time.
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