RISE OF A STREAMING GIANT: THE STORY OF NETFLIX

Netflix has risen from humble beginnings to become one of the most dominant and influential forces in the entertainment world.

During lockdown, a surge in viewership saw the streamer's market value surpass that of even fellow showbiz giant Disney.

But how did the company get from there to here? This is the timeline of a remarkable triumph…

Netflix was founded in 1997 in California by computer scientist and software company chief Reed Hastings and his colleague Marc Randolph, a mail order company founder.

Its initial business was rental by mail of DVDs, the discs having only just been launched earlier that year as a rival to VHS tapes. Netflix started with 925 films available for rent.

In 2000 the company established a competitive advantage with its new business model of unlimited rentals without due dates for a flat fee.

That same year, Ted Sarandos joined the company and remains Chief Content Officer today overseeing the streamer’s output of shows and films.

When DVD players became much more affordable in 2002, business took off. By 2005, the company had 35,000 films available and was shipping out 1 million DVDs every day.

By this time, Randolph had retired from the company leaving Hastings in sole charge as chairman and chief executive.

In 2007 the company delivered its one billionth DVD. But it already had its eye on the future and was researching and developing new opportunities.

The introduction and rapid expansion of streaming media in 2010 was the game changer which caused Netflix to greatly increase its business internationally.

By 2011 Netflix had 23 million customers in the United States and even more, 26 million, internationally.

Netflix went into content creation for the first time in 2012 by launching its debut series Lilyhammer.

Former Sopranos star Steven Van Zandt played an ex-New York gangster trying to forge a new life in Norway under the witness relocation program. The series ran for three seasons. Van Zandt also has a music career as a member of Bruce Springsteen’s E Street Band and Springsteen made a guest appearance in the last ever episode.

Netflix started producing and distributing more original shows and the big breakout hit was political drama House of Cards, starring Kevin Spacey, was launched in 2013 and won the company’s first Emmy award that year.

The soaring streamer vastly expanded its library and was operating in more than 190 countries by 2016. In that year it released 126 original series and films, more than any other network or cable channel.

In recent years, the company has made a huge splash in the film business – receiving 15 Oscar nominations at the 2019 ceremony, 10 of them for best picture contender Roma.

At the 2020 ceremony, Netflix received 24 Oscar nominations, more than any other company, thanks to contenders like The Irishman, Marriage Story, The Two Popes and Klaus.

For the fiscal year 2019, Netflix reported earnings of $1.86 billion with an annual revenue of $20 billion.

By the start of 2020 Netflix offered 3,000 films for streaming on its US service and was launching more than one new TV series each day.

Netflix now uses 15 percent of all internet bandwidth in the world, more than any other application.

It’s a story of growth and domination but the media landscape is changing fast.

Having got to the top, can Netflix stay there?

—Sandro Monetti