The Rise of Netflix
Because Netflix didn’t have retail stores it wasn’t as easy for consumers to discover and use the service. Netflix had a tough few years initially and in 2000, Hastings proposed partnering with Blockbuster but the giant video rental store wasn’t interested. Hastings didn’t give up and by 2002, Netflix was showing growth. It had $150 million in revenues and a 36 percent profit margin. When they realized they needed to create their own content in order to really thrive they created Netflix Originals. The company will spend approximately $8 billion on content in 2018 and will have around 700 original TV shows on the service worldwide this year. Netflix ended 2017 with 117.6 million streaming members worldwide.