Netflix, founded in 1997 by Reed Hastings and Marc Randolph, has in 27 years grown from a DVD-by-mail service in Scotts Valley, California to a leading streaming platform, with a presence in 190 countries, 232.5 million viewers per year, and approximately $31.6 billion in annual revenue.
Netflix’s streaming service quickly gained popularity, with over 1 million subscribers by 2003 and a fivefold increase in the following three years. As of 2024, Netflix has approximately 278 million subscribers globally.
In 2013, Netflix began producing its own original series, like House of Cards, Arrested Development, and Orange is the New Black.
Netflix became the world’s biggest streaming service. Its influence has shaken Hollywood, shifting the focus from annual box office hits to monthly original releases. While Netflix’s popularity has grown, Hollywood studios are deploying spectacle movies and theater-only releases to keep people going to cinemas. Independent filmmakers and major studios alike flock to Netflix to co-produce or have their films financed or distributed through the streaming giant.
The relationship between Netflix and Hollywood is now a competitive alliance, with Netflix providing older films from studios to the general public. Netflix spent an estimated $17 billion on original content in 2021, and is promising more.
Legendary movie director Steven Spielberg expressed concerns about Netflix’s impact on the film industry, particularly regarding its eligibility for Academy Awards.
Spielberg believes that films released on streaming platforms or those that have only a limited theatrical run should be considered for Emmy awards instead of Oscars. Spielberg stated, “Once you commit to a television format, you’re a TV movie,” emphasizing that he feels films that do not have a significant theatrical presence should not compete for the highest honors in cinema.
Leave a Reply