On Monday (August 29th), streaming giant Netflix took to its social media accounts to share a nostalgic video of its growth throughout the years.
“Today is Netflix’s 25th birthday,” the streaming service shared. “And we want to thank the people who got us here: the fans!” The video, The Story of Netflix, shared the company’s old commercials. It shared the explanation of how the company’s DVD rentals work. It then showed the epic increase of internet success over the years, which included the debut of its online platform. “Binge became the new way we watched stuff,” the video’s narrator explained. “And it gave everyone something to talk about.”
Among those featured in the clip were some of Netflix’s highly successful TV series. These were Stranger Things, Squid Game, and Orange is the New Black.
According to TV Insider, Netflix was launched on August 29, 1997, by Reed Hastings and Mark Randolph. Originally a DVD movie rental service, it eventually became a multi-billion company with a streaming service platform and dozens of original services and films. However, the company has had some ups and downs over the years. Netflix saw a significant stock drop. This was reportedly caused by the shedding of 200,000 subscribers in the first quarter of 2022.
Despite this spring’s issues, Netflix still remains the leader in the global streaming service market. It currently has 220 million subscribers. This is 20 million more than Amazon, 15 million more than Disney+, and 180 million more than Apple.
Co-CEO and Founder Reed Hastings Talks About Netflix’s Future
While speaking to Variety in September 2020, co-CEO and founder of Netflix, Reed Hastings, opened up about the future of the streaming service.
“I doubt news,” Hastings stated about new programming. “But sports, video gaming, user-generated content – if you think of the other big categories, someday it could make sense. But right now, [co-CEO and chief intent office Ted Sarandos’] got every billion dollar earmarked for bigger movies, bigger series, animation of course… At least for the next couple of years, every content dollar is spoken for.”
When asked about his plans to leave Netflix, Hastings stated that 2030 is currently the year he is thinking about leaving. “What I don’t want people to think is that I’m checking out,” he then explained about his future with the streaming service. “Which would normally be the thing to be like co-CEO. I guess it is the beginning of the end in the sense that eventually, I’ll be gone.”
Hastings then added that for the next decade, he’s super excited by what he and his company are doing. “So it was a statement that it’s not a short-term situation.”