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Randolph admired Amazon and wanted to find a large category of portable items to sell over the Internet using a similar model. Patty McCord, later head of Human Resources at Netflix, was also in the carpool group. Hastings and Randolph came up with the idea for Netflix while Carpooling between their homes in Santa Cruz, California, and Pure Atria's headquarters in Sunnyvale. He was previously a co-founder of MicroWarehouse, a computer mail-order company as well as vice president of marketing for Borland.
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Randolph had worked as a marketing director for Pure Software after Pure Atria acquired a company where Randolph worked. Hastings, a computer scientist and mathematician, was a cofounder of Pure Software, which was acquired by Rational Software that year for $750 million, the then biggest acquisition in Silicon Valley history. Netflix was founded by Marc Randolph and Reed Hastings on August 29, 1997, in Scotts Valley, California. Reed Hastings, co-founder and the current chairman and CEO
The company has production hubs in Los Angeles, Albuquerque, London, Madrid, Vancouver and Toronto. It also operates international offices in Asia, Europe and Latin America including in Canada, France, Brazil, the Netherlands, India, Italy, Japan, Poland, South Korea and the United Kingdom. Netflix is headquartered in Los Gatos, California, in Santa Clara County, with the two CEOs, Greg Peters and Ted Sarandos, split between Los Gatos and Los Angeles, respectively. The Netflix service is available worldwide aside from Mainland China, Syria, North Korea, and Russia. As of January 2023, Netflix had over 230 million subscribers worldwide, including 74.3 million in the United States and Canada 76.7 million in Europe, the Middle East and Africa, 41.7 million in Latin America and 38 million in the Asia-Pacific region. During the 2010s, Netflix was the top-performing stock in the S&P 500 stock market index, with a total return of 3,693%. In 2021, Netflix was ranked as the eighth-most trusted brand globally by Morning Consult. It is the second largest entertainment/media company by market capitalization as of February 2022. The company is ranked 115th on the Fortune 500 and 219th on the Forbes Global 2000.
By 2022, original productions accounted for half of Netflix's library in the United States, and the company had ventured into other categories, such as video game publishing via the Netflix service. In 2011, the service began to acquire and produce original content, beginning with the political drama House of Cards. The company expanded to Canada in 2010, followed by Latin America and the Caribbean. In 2007, Netflix introduced streaming media and video on demand. Netflix initially both sold and rented DVDs by mail, but the sales were eliminated within a year to focus on the DVD rental business. Netflix is a member of the Motion Picture Association-having become the first streaming company to become a member.
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Founded in 1997 by Reed Hastings and Marc Randolph in Scotts Valley, California, it operates the over-the-top subscription video on-demand service Netflix brand, which includes original films and television series commissioned or acquired by the company, and third-party content licensed from other distributors.
is an American media company based in Los Gatos, California.
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