Reed Hastings and Marc Randolph established Netflix Inc. in 1997 as NetFlix.com, a company that rented out movie DVDs. NetFlix.com launched in April 1998 and offered a monthly subscription service for movie rentals. The company pioneered the video-on-demand service that is delivered over the internet. Through live streaming, customers could now access licensed films from various companies.
In 2002, the exponential growth of the business-led NetFlix.com, Inc. to change its name to Netflix, Inc. The company floated its shares on NASDAQ during the same year of rebranding where it’s stock trades under NFLX.
Today, Netflix is a major provider of internet entertainment services where users subscribe to stream the videos they desire. The company has three operational segments, which are Domestic DVD, Domestic Streaming, and International Streaming. Netflix offers streaming content from diverse genres. In addition to licensing content, the company produces its own original content. Netflix operates globally and with a presence in more than 190 countries. The company has its head office in Los Gatos, California.