The departing CEO’s humble company soared to stunning success and paved the way for imitators
touted an uptick in subscribers; this is after the company lost almost 1.2 million subscribers in the first half of 2022 and blamed account-sharing. In fact, the competition among streaming services has never been more intense, running the gamut from HBO Max to Amazon Prime to the NFL+. But none of them would exist if Netflix hadn’t come along.
The business they eventually launched was like some weird Columbia House derivative – a service that allowed customers to browse an online catalogue and rent movies by mail for a subscription fee. This was heady stuff for the turn of the century, when there was at least one video store in every neighborhood and Amazon was just a humble bookseller.
Not long after, Netflix was shipping a million DVDs per day, racking up more than $500m in revenue and putting Blockbuster and mom-and-pop video stores out of business. Before Amazon, an online shopping leviathan by this point, could horn in on Netflix’s market share, Hastings, inspired by YouTube, pushed the company to branch into streaming video. In short order, its library mushroomed from 1,000 titles to nearly 6,000 in the US alone.
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