Monday, December 7, 2020
EOTO Technology: Learned Information
The Evolution of Netflix :
Netflix began as the idea of Reed Hastings and Marc Randolph to create a mail-order rental and purchase service for movies. By experimenting with sending themselves videos, the founders were able to determine that a DVD could safely travel through the U.S. Postal Service completely unharmed. In 1999 the company announces its subscription service allowing unlimited access to movies on a monthly payment basis. Following this, an algorithm is added to better recommend to the customer or member, what new movie they may be interested in viewing. After this point in Netflix's lifecycle, the company takes off, and two years later it goes public for the first time on May 23, 2002, at $1.00 a share, substantially lower than today’s rate, averaging at about $490 a share.
Following this, Netflix would go on to make revolutions in streaming, meaning that customers could access movies without having to receive a physical copy of a DVD. In today's technologically centered society it has been easy for Netflix to become an application that is available across a variety of platforms. Another part of what makes the service so popular is the addition of its own originally directed films and series, allowing the company an opportunity for expanded review and recognition.
Netflix currently has over about 100 million subscribers worldwide, several dozen awards for their original films, and it seems as though there are no limits as to what this company can provide and achieve in the world of entertainment.
Sources:
https://about.netflix.com/en
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