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The Netflix story is big and fascinating, full of world-changing ideas and fortunes gained and lost. It would all make for a great limited series one day, maybe on Netflix itself. Until then, here are some little-known facts about what really goes on behind that familiar red logo.
The inspiration for Netflix is a tale often told, and it's a very entertaining and relatable one, pointing out perfectly the flaws of the video industry which Netflix aimed to fix.
The story goes that Netflix co-founder Reed Hastings was inspired to start the business after returning a copy of Apollo 13 to a Blockbuster Video way past its due date and getting hit with $40 in late fees. Stung by the charges, he vowed to find a way to get DVDs to customers without charging late fees. Thus the Netflix model was born: Movie fans paid a monthly fee to have a certain number of DVDs at home, which they could keep for as long as they liked, or return them in exchange for a new movie.
As great as the story is at putting a neat little bow on the founding of the company, it's completely made up, something that Netflix co-founder Marc Randolph has called, quote, "a convenient fiction."
The actual story behind Netflix's creation is simple: Randolph and Hastings sat down to brainstorm ideas for a new company, and kept going until they landed on one that worked.
It's on most every list of bad business decisions: Blockbuster Video turned down the chance to buy Netflix. In 2000, the fledgling home video upstart offered itself up to then-industry leader Blockbuster for $50 million, and Blockbuster execs said "no thank you."
The company instead went all-in on a broadband-based entertainment delivery service with Enron, subject of one of the most scandalous and disastrous corporate collapses in history barely more than a year later. Netflix, meanwhile, grew to generate billions and dominate on-demand home entertainment, while Blockbuster no longer exists. Keep watching the video to see what nobody told you about Netflix.
#Netflix
The Netflix origin story is a myth | 0:15
Why Blockbuster didn't buy Netflix | 1:17
Browsing micro-genres | 2:11
Netflix tracks everything | 3:40
House style | 4:50
Overtime and expenses | 6:00
The Netflix library is influenced by pirates | 7:01
How Netflix became Netflix | 7:51
What's a "Qwikster" anyway? | 8:52
Not playing on Netflix | 9:34
Read Full Article: https://www.looper.com/46057/untold-truth-netflix/
The inspiration for Netflix is a tale often told, and it's a very entertaining and relatable one, pointing out perfectly the flaws of the video industry which Netflix aimed to fix.
The story goes that Netflix co-founder Reed Hastings was inspired to start the business after returning a copy of Apollo 13 to a Blockbuster Video way past its due date and getting hit with $40 in late fees. Stung by the charges, he vowed to find a way to get DVDs to customers without charging late fees. Thus the Netflix model was born: Movie fans paid a monthly fee to have a certain number of DVDs at home, which they could keep for as long as they liked, or return them in exchange for a new movie.
As great as the story is at putting a neat little bow on the founding of the company, it's completely made up, something that Netflix co-founder Marc Randolph has called, quote, "a convenient fiction."
The actual story behind Netflix's creation is simple: Randolph and Hastings sat down to brainstorm ideas for a new company, and kept going until they landed on one that worked.
It's on most every list of bad business decisions: Blockbuster Video turned down the chance to buy Netflix. In 2000, the fledgling home video upstart offered itself up to then-industry leader Blockbuster for $50 million, and Blockbuster execs said "no thank you."
The company instead went all-in on a broadband-based entertainment delivery service with Enron, subject of one of the most scandalous and disastrous corporate collapses in history barely more than a year later. Netflix, meanwhile, grew to generate billions and dominate on-demand home entertainment, while Blockbuster no longer exists. Keep watching the video to see what nobody told you about Netflix.
#Netflix
The Netflix origin story is a myth | 0:15
Why Blockbuster didn't buy Netflix | 1:17
Browsing micro-genres | 2:11
Netflix tracks everything | 3:40
House style | 4:50
Overtime and expenses | 6:00
The Netflix library is influenced by pirates | 7:01
How Netflix became Netflix | 7:51
What's a "Qwikster" anyway? | 8:52
Not playing on Netflix | 9:34
Read Full Article: https://www.looper.com/46057/untold-truth-netflix/
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