Netflix was founded in 1997 by Reed Hastings and Marc Randolph in Scotts Valley, California, as a DVD-by-mail rental service. The company famously disrupted Blockbuster with its subscription model and no-late-fees approach. But the real transformation came in 2007 when Netflix launched streaming.
By 2010, streaming had become Netflix’s primary business. The company began investing in original content in 2013 with “House of Cards” — a bet that paid off spectacularly. Netflix Originals now include thousands of series, films, and documentaries. Shows like “Stranger Things,” “Squid Game,” and “Wednesday” have become global cultural events.
Netflix has over 260 million paid subscribers across 190+ countries, making it the largest streaming platform in the world. The company reported $33.7 billion in revenue in 2023 and has become increasingly profitable.
In 2022, Netflix introduced an ad-supported tier at a lower price point after years of being ad-free. This move, combined with a crackdown on password sharing in 2023, drove significant subscriber growth. The ad tier quickly attracted millions of subscribers and opened a new revenue stream.
Netflix’s technology infrastructure is notable. The company runs almost entirely on AWS and is known for its contributions to open-source engineering tools, including the Chaos Monkey suite for testing system resilience. Netflix’s recommendation algorithm drives a significant portion of viewer engagement.
Headquartered in Los Gatos, California, Netflix employs around 13,000 people. Greg Peters became CEO in 2023 alongside Ted Sarandos (co-CEO since 2020). Hastings moved to Executive Chairman. Netflix has also expanded into gaming, offering mobile games included with subscriptions.
