#Successtory What's the secret to Netflix's success? The co | Trendfactory

#Successtory

What's the secret to Netflix's success?

The company, which started out with just over 900 DVD rentals, has become the largest multimedia company with billions of dollars in revenue.

Netflix, headquartered in Los Gatos, California, USA, has been around since 1997 and has over 150 million paying subscribers in 190 countries.

Reed Hastings and Mark Randolph noticed the inconvenience associated with the rental of movie discs and decided to fix the situation, while occupying a free niche in the market. This is how the idea of creating our own rental company came about. It happened on August 29, 1997.

The founders wanted to make renting movies convenient and easy, so they decided to promote the idea of ordering DVDs online. People no longer had to go to the rental offices - they just had to choose a movie, pay for the order and receive it by mail.

When the company started, it had 30 employees and about 900 CDs in the library. The first Netflix customers were residents of the United States.

Reviews of new products and movie announcements appeared on the company's website constantly, and top videos, including scandalous stories from the lives of famous people, began to appear in distribution.

In 1999, the company, which switched to a subscription business model, had 110 employees and had more than 250,000 discs in the box office.

By early 2003, Netflix had 1 million subscribers, and at the end of the year reported $ 6.5 million in revenue. Two years later, the number of clients reached 4.2 million. At the same time the company set a record - one million processed applications per day.

In 2007, Reed Hastings realized that the world did not revolve around DVD, and it was time to master the space of the Internet. Netflix launched its streaming platform and started distributing video streaming.

The Netflix platform differed from others launched earlier, primarily in that the production order came immediately for the entire season of the series, without launching trial first episodes and studying the audience's response to them. Viewers could watch their favorite series in one fell swoop, without waiting for the release of new episodes.

As it grew, the company realized that rental was not enough - it needed its own product. So the idea arose to create unique content.

In 2013, Netflix signed an agreement with Marvel Television and began filming TV series.

Thus, tracking trends and the courage to implement new solutions have made the company one of the most successful in the world.