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Netflix
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Netflix is an American subscription video on-demand over-the-top streaming service. The service primarily distributes original and acquired films and television shows from various genres, and it is available internationally in multiple languages.[6]
Key Information
Launched in 2007, nearly a decade after Netflix, Inc. began its pioneering DVD-by-mail movie rental service, Netflix is the most-subscribed video on demand streaming media service, with 301.6 million paid memberships in more than 190 countries as of 2025.[5][7] By 2022, "Netflix Original" productions accounted for half of its library in the United States and the namesake company had ventured into other categories, such as video game publishing of mobile games through its flagship service. As of 2025, Netflix is the 18th most-visited website in the world, with 21.18% of its traffic coming from the United States, followed by the United Kingdom at 6.01%, Canada at 4.94%, and Brazil at 4.24%.[8][9]
History
[edit]
Launch as a mail-based rental business (1997–2006)
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Netflix was founded by Marc Randolph and Reed Hastings on August 29, 1997, in Scotts Valley, California. Hastings, a computer scientist and mathematician, was a co-founder of Pure Software, which was acquired by Rational Software that year for $750 million, the then-biggest acquisition in Silicon Valley history.[10] Randolph had worked as a marketing director for Pure Software after Pure Atria acquired a company where Randolph worked. He was previously a co-founder of MicroWarehouse, a computer mail-order company, as well as vice president of marketing for Borland.[11][12]
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.[13] Patty McCord, later head of human resources at Netflix, was also in the carpool group.[14] Randolph admired Amazon and wanted to find a large category of portable items to sell over the Internet using a similar model. Hastings and Randolph considered and rejected selling and renting VHS as too expensive to stock and too delicate to ship.[11] When they heard about DVDs, first introduced in the United States in early 1997, they tested the concept of online DVD rental or sales by mail, by mailing a compact disc to Hastings's house in Santa Cruz.[11] When the CD arrived intact, they decided to enter the $16 billion Home-video sales and rental industry.[11][13][a] Hastings invested $2.5 million into Netflix from the sale of Pure Atria.[16][13] Netflix launched as the first DVD rental and sales website with 30 employees and 925 titles available—nearly all DVDs published.[13][17][18] Randolph and Hastings met with Jeff Bezos, whose Amazon offered to acquire Netflix for between $14 and $16 million. Fearing competition from Amazon, Randolph thought the offer was fair, but Hastings, who owned 70% of the company, turned it down on the plane ride home.[19][20]
Not restricted to the size of a retail store, Netflix could offer hundreds of thousands of DVDs to customers in a long tail business model. Early employee Cindy Holland compared the company acquiring DVDs to "shoveling coal in the side door of the house".[15] Initially, Netflix offered a per-rental model for each DVD but introduced a monthly subscription concept in September 1999.[21] The per-rental model was dropped by early 2000, allowing the company to focus on the business model of flat-fee unlimited rentals without due dates, late fees, shipping and handling fees, or per-title rental fees.[22] While customers enjoyed the convenience, more important to Netflix was that it did not have to store or ship those DVDs; subscribers' homes acted as warehouses. The company secretly slowed deliveries to heavy users ("pigs"), to discourage them from quickly returning DVDs.[15]
In September 2000, during the dot-com bubble, while Netflix was suffering losses, Hastings and Randolph offered to sell the company to Blockbuster for $50 million. John Antioco, CEO of Blockbuster, thought the offer was a joke and declined, saying, "The dot-com hysteria is completely overblown."[23][24] While Netflix experienced fast growth in early 2001, the continued effects of the dot-com bubble collapse and the September 11 attacks caused the company to hold off plans for its initial public offering (IPO) and to lay off one-third of its 120 employees.[25]
DVD players were a popular gift for holiday sales in late 2001, and demand for DVD subscription services were "growing like crazy", according to chief talent officer McCord.[26] The company went public on May 23, 2002, opening on NASDAQ at US$15.00 per share with a sale of 5.5 million shares of common stock.[27] In 2003, Netflix was issued a patent by the United States Patent and Trademark Office to cover its subscription rental service and several extensions.[28] The company posted its first profit in 2003, earning $6.5 million on revenues of $272 million; by 2004, profit had increased to $49 million on over $500 million in revenues.[29] In 2005, 35,000 different films were available, and Netflix shipped 1 million DVDs out every day.[30]
In 2004, Blockbuster introduced a DVD rental service, which not only allowed users to check out titles through online sites but allowed for them to return them at brick and-mortar stores.[31] By 2006, Blockbuster's service reached two million users, and while trailing Netflix's subscriber count, was drawing business away from Netflix. Netflix lowered fees in 2007.[29] While it was an urban legend that Netflix ultimately "killed" Blockbuster in the DVD rental market, Blockbuster's debt load and internal disagreements hurt the company.[31]
On April 4, 2006, Netflix filed a patent infringement lawsuit in which it demanded a jury trial in the United States District Court for the Northern District of California, alleging that Blockbuster's online DVD rental subscription program violated two patents held by Netflix. The first cause of action alleged Blockbuster's infringement of copying the "dynamic queue" of DVDs available for each customer, Netflix's method of using the ranked preferences in the queue to send DVDs to subscribers, and Netflix's method permitting the queue to be updated and reordered.[32] The second cause of action alleged infringement of the subscription rental service as well as Netflix's methods of communication and delivery.[33] The companies settled their dispute on June 25, 2007; terms were not disclosed.[34][35][36][37]
On October 1, 2006, Netflix announced the Netflix Prize, $1,000,000 to the first developer of a video-recommendation algorithm that could beat its existing algorithm Cinematch, at predicting customer ratings by more than 10%. On September 21, 2009, it awarded the $1,000,000 prize to team "BellKor's Pragmatic Chaos".[38] Cinematch, launched in 2000, was a system that recommended movies to its users, many of which might have been entirely new to the user.[39][40]
Through its division Red Envelope Entertainment, Netflix licensed and distributed independent films such as Born into Brothels and Sherrybaby. In late 2006, Red Envelope Entertainment also expanded into producing original content with filmmakers such as John Waters.[41] Netflix closed Red Envelope Entertainment in 2008.[42][43]
Transition to streaming services (2007–2012)
[edit]Hastings reportedly told Mynette Louie in the late 1990s that his goal was always streaming media, and that Netflix rented DVDs only to grow its customer base for streaming.[15] By the mid-2000s data speeds and bandwidth costs improved sufficiently to allow customers to download movies from the internet. The original idea was a "Netflix box" that could download movies overnight, and be ready to watch the next day. By 2005, Netflix had acquired movie rights and designed the box and service. But after witnessing how popular streaming services such as YouTube were despite the lack of high-definition content, the concept of using a hardware device was scrapped and replaced with a streaming concept.[44] In January 2007, the company launched a streaming media service, introducing video on demand via the Internet. However, at that time it only had 1,000 films available for streaming, compared to 70,000 available on DVD.[45][46] The service, then called "Watch Now", at first required Internet Explorer on a computer. Hollywood studios (including 20th Century Fox, Sony Pictures, MGM, Paramount Pictures, Universal Pictures, Warner Bros., New Line Cinema and Lionsgate) licensed second-run content to the service, and did not expect it to threaten their existing lucrative relationships with cable television.[15][47]
In February 2007, Netflix delivered its billionth DVD, a copy of Babel to a customer in Texas.[48][49] In April 2007, Netflix recruited ReplayTV founder Anthony Wood, to build a "Netflix Player" that would allow streaming content to be played directly on a television rather than a desktop or laptop.[50] Hastings eventually shut down the project to help encourage other hardware manufacturers to include built-in Netflix support, which would be spun off as the digital media player product Roku.[51][52][53]
In January 2008, all rental-disc subscribers became entitled to unlimited streaming at no additional cost. This change came in a response to the introduction of Hulu and to Apple's new video-rental services.[54][55][page needed] In August 2008, the Netflix database was corrupted and the company was not able to ship DVDs to customers for 3 days, leading the company to move all its data to the Amazon Web Services cloud.[56] In November 2008, Netflix began offering subscribers rentals on Blu-ray and discontinued its sale of used DVDs.[57] In 2009, Netflix streams overtook DVD shipments.[58]
On January 6, 2010, Netflix agreed with Warner Bros. to delay new release rentals to 28 days after the DVDs became available for sale, in an attempt to help studios sell physical copies, and similar deals involving Universal Pictures and 20th Century Fox were reached on April 9.[59][60][61] In July 2010, Netflix signed a deal to stream movies of Relativity Media.[62] In August 2010, Netflix reached a five-year deal worth nearly $1 billion to stream films from Paramount, Lionsgate and Metro-Goldwyn-Mayer. The deal increased Netflix's annual spending fees, adding roughly $200 million per year. It spent $117 million in the first six months of 2010 on streaming, up from $31 million in 2009.[63] On September 22, 2010, Netflix launched in Canada, its first international market.[64][65] In November 2010, Netflix began offering a standalone streaming service separate from DVD rentals.[66]
In 2010, Netflix acquired the rights to Breaking Bad, produced by Sony Pictures Television, after the show's third season, at a point where original broadcaster AMC had expressed the possibility of cancelling the show. Sony pushed Netflix to release Breaking Bad in time for the fourth season, which as a result, greatly expanded the show's audience on AMC due to new viewers bingeing on the Netflix past episodes, and doubling the viewership by the time of the fifth season. Breaking Bad is considered the first such show to have this "Netflix effect".[67]
In January 2011, Netflix announced agreements with several manufacturers to include branded Netflix buttons on the remote controls of devices compatible with the service, such as Blu-ray players.[68] By May 2011, Netflix had become the largest source of Internet streaming traffic in North America, accounting for 30% of traffic during peak hours.[69][70][71][72]
On July 12, 2011, Netflix announced that it would separate its existing subscription plans into two separate plans: one covering the streaming and the other DVD rental services.[73][74] The cost for streaming would be $7.99 per month, while DVD rental would start at the same price.[75] On September 11, 2011, Netflix expanded to countries in Latin America.[76][77][78] On September 18, 2011, Netflix announced its intentions to rebrand and restructure its DVD home media rental service as an independent subsidiary called Qwikster, separating DVD rental and streaming services.[79][80][81][82][83] On September 26, 2011, Netflix announced a content deal with DreamWorks Animation.[84] On October 10, 2011, Netflix announced that it would retain its DVD service under the name Netflix and that its streaming and DVD-rental plans would remain branded together, citing customer dissatisfaction with the split.[85][86]
In October 2011, Netflix and The CW signed a multi-year output deal for its television shows.[87] On January 9, 2012, Netflix started its expansion to Europe, launching in the United Kingdom and Ireland.[88] In February 2012, Netflix reached a multi-year agreement with The Weinstein Company.[89][90] In March 2012, Netflix acquired the domain name DVD.com.[91] By 2016, Netflix rebranded its DVD-by-mail service under the name DVD.com, A Netflix Company.[92][93] In April 2012, Netflix filed with the Federal Election Commission (FEC) to form a political action committee (PAC) called FLIXPAC.[94] Netflix spokesperson Joris Evers tweeted that the intent was to "engage on issues like net neutrality, bandwidth caps, UBB and VPPA".[95][96] In June 2012, Netflix signed a deal with Open Road Films.[97][98]
On August 23, 2012, Netflix and The Weinstein Company signed a multi-year output deal for RADiUS-TWC films.[99][100] In September 2012, Epix signed a five-year streaming deal with Netflix. For the initial two years of this agreement, first-run and back-catalog content from Epix was exclusive to Netflix. Epix films came to Netflix 90 days after premiering on Epix.[101] These included films from Paramount, Metro-Goldwyn-Mayer and Lionsgate.[102][103]
On October 18, 2012, Netflix launched in Denmark, Finland, Norway and Sweden.[104][105] On December 4, 2012, Netflix and Disney announced an exclusive multi-year agreement for first-run United States subscription television rights to Walt Disney Studios' animated and live-action films, with classics such as Dumbo, Alice in Wonderland and Pocahontas available immediately and others available on Netflix beginning in 2016.[106] Direct-to-video releases were made available in 2013.[107][108]
On January 14, 2013, Netflix signed an agreement with Time Warner's Turner Broadcasting System and Warner Bros. Television to distribute Cartoon Network, Warner Bros. Animation, and Adult Swim content, as well as TNT's Dallas, beginning in March 2013. The rights to these programs were given to Netflix shortly after deals with Viacom to stream Nickelodeon and Nick Jr. Channel programs expired.[109]
For cost reasons, Netflix stated that it would limit its expansion in 2013,[110] adding only one new market—the Netherlands—in September of that year. This expanded its availability to 40 territories.[111][112]
Development of original programming and distribution expansion (2013–2017)
[edit] |
Netflix had long closely analyzed its customers' preferences. Watch Now gave the company real-time data on their behavior, such as scenes that customers replayed or skipped, or when they stopped watching a show.[15] In 2011, Netflix began its efforts into original content development. In March, it made a straight-to-series order from MRC for the political drama House of Cards, led by Kevin Spacey, outbidding U.S. cable networks. This marked the first instance of a first-run television series being specifically commissioned by the service.[113] Netflix executives said that its customers' love of films by Spacey and show director David Fincher caused the company to acquire the show. Customers' tendency to binge watch many episodes without stopping caused it to release all 13 episodes of the show's first season at the same time.[15] In November the same year, Netflix added two more significant productions to its roster: the comedy-drama Orange Is the New Black, adapted from Piper Kerman's memoir,[114] and a new season of the previously cancelled Fox sitcom Arrested Development.[115] Netflix acquired the U.S. rights to the Norwegian drama Lilyhammer after its television premiere on Norway's NRK1 on January 25, 2012. Notably departing from the traditional broadcast television model of weekly episode premieres, Netflix chose to release the entire first season on February 8 of the same year.[116][117]
House of Cards was released by Netflix on February 1, 2013, marketed as the first "Netflix Original" production.[118] Later that month, Netflix announced an agreement with DreamWorks Animation to commission children's television series based on its properties, beginning with Turbo: F.A.S.T., a spin-off of its film Turbo.[119][120] Orange is the New Black would premiere in July 2013; Netflix stated that Orange is the New Black had been its most-watched original series so far, with all of them having "an audience comparable with successful shows on cable and broadcast TV."[121][122]
On March 13, 2013, Netflix added a Facebook sharing feature, letting United States subscribers access "Watched by your friends" and "Friends' Favorites" by agreeing.[123] This was not legal until the Video Privacy Protection Act was modified in early 2013.[124] On August 1, 2013, Netflix reintroduced the "Profiles" feature that permits accounts to accommodate up to five user profiles.[125][126][127][128]
In November 2013, Marvel Television and ABC Studios announced Netflix had ordered a slate of four television series based on the Marvel Comics characters Daredevil, Jessica Jones, Iron Fist and Luke Cage. Each of the four series received an initial order of 13 episodes, and Netflix also ordered a Defenders miniseries that would tie them together. Daredevil and Jessica Jones premiered in 2015.[129][130][131] The Luke Cage series premiered on September 30, 2016, followed by Iron Fist on March 17, 2017, and The Defenders on August 18, 2017.[132][133] Marvel owner Disney later entered into other content agreements with Netflix, including acquiring its animated Star Wars series Star Wars: The Clone Wars, and a new sixth season.[134]
In February 2014, Netflix began to enter into agreements with U.S. internet service providers, beginning with Comcast (whose customers had repeatedly complained of frequent buffering when streaming Netflix), in order to provide the service a direct connection to their networks.[135][136][137] In April 2014, Netflix signed Arrested Development creator Mitchell Hurwitz and his production firm The Hurwitz Company to a multi-year deal to create original projects for the service.[138] In May 2014, Netflix & Sony Pictures Animation had a major multi-deal to acquire streaming rights to produce films.[139] It also began to introduce an updated logo, with a flatter appearance and updated typography.[140]
In September 2014, Netflix expanded into six new European markets, including Austria, Belgium, France, Germany, Luxembourg, and Switzerland.[141] On September 10, 2014, Netflix participated in Internet Slowdown Day by deliberately slowing down its speed in support of net neutrality regulations in the United States.[142] In October 2014, Netflix announced a four-film deal with Adam Sandler and his Happy Madison Productions.[143]
In April 2015, following the launch of Daredevil, Netflix director of content operations Tracy Wright announced that Netflix had added support for audio description, and had begun to work with its partners to add descriptions to its other original series over time.[144][145] The following year, as part of a settlement with the American Council of the Blind, Netflix agreed to provide descriptions for its original series within 30 days of their premiere, and add screen reader support and the ability to browse content by availability of descriptions.[146]
In March 2015, Netflix expanded to Australia and New Zealand.[147][148] In September 2015, Netflix launched in Japan, its first country in Asia.[149][150][151] In October 2015, Netflix launched in Italy, Portugal, and Spain.[152]
In January 2016, at the Consumer Electronics Show, Netflix announced a major international expansion of its service into 130 additional countries, making it available worldwide except China, Syria, North Korea, Kosovo and Crimea.[153] As part of this expansion, Netflix officially launched its services in Africa, with a focus on South Africa, Kenya, and Nigeria.[154] Between 2018 and 2020 Netflix had started making significant investments in African storytelling, and hired Dorothy Ghettuba, a Kenyan media entrepreneur, as head of African Originals.[155] According to the company, it has invested the equivalent of €160 million in film content production in Africa since it began working on the continent in 2016 with over 12,000 jobs created across Nigeria, Kenya, and South Africa.[154]
In April 2016, Hastings stated that the company planned to expand its in-house, Los Angeles-based Netflix Studios to grow its output; Hastings ruled out any potential acquisitions of existing studios.[156] In May 2016, Netflix created a tool called Fast.com to determine the speed of an Internet connection.[157] It received praise for being "simple" and "easy to use", and does not include online advertising, unlike competitors.[158][159][160] On November 30, 2016, Netflix launched an offline playback feature, allowing users of the Netflix mobile apps on Android or iOS to cache content on their devices in standard or high quality for viewing offline, without an Internet connection.[161][162][163][164] Netflix released an estimated 30 original series or films over that year, more than any network or cable channel.[165]
In February 2017, Netflix signed a music publishing deal with BMG Rights Management, whereby BMG will oversee rights outside of the United States for music associated with Netflix original content. Netflix continues to handle these tasks in-house in the United States.[166] On April 25, 2017, Netflix signed a licensing deal with IQIYI, a Chinese video streaming platform owned by Baidu, to allow selected Netflix original content to be distributed in China on the platform.[167][168]
On August 7, 2017, Netflix acquired Millarworld, the creator-owned publishing company of comic book writer Mark Millar. The purchase marked the first corporate acquisition to have been made by Netflix.[169] On August 14, 2017, Netflix entered into an exclusive development deal with Shonda Rhimes and her production company Shondaland.[170]
In September 2017, Netflix announced it would offer its low-broadband mobile technology to airlines to provide better in-flight Wi-Fi so that passengers can watch movies on Netflix while on planes.[171]
In September 2017, Minister of Heritage Mélanie Joly announced that Netflix had agreed to make a CA$500 million (US$400 million) investment over the next five years in producing content in Canada. The company denied that the deal was intended to result in a tax break.[172][173] Netflix realized this goal by December 2018.[174]
In October 2017, Netflix iterated a goal of having half of its library consist of original content by 2019, announcing a plan to invest $8 billion on original content in 2018.[175] In October 2017, Netflix introduced the "Skip Intro" feature which allows customers to skip the intros to shows on its platform through a variety of techniques including manual reviewing, audio tagging, and machine learning.[176][177]
In November 2017, Netflix signed an exclusive multi-year deal with Orange Is the New Black creator Jenji Kohan.[178] In November 2017, Netflix withdrew from co-hosting a party at the 75th Golden Globe Awards with The Weinstein Company due to the Harvey Weinstein sexual abuse cases.[179]
Expansion into international productions and new productions (2017–2020)
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In November 2017, Netflix announced that it would be making its first original Colombian series, to be executive produced by Ciro Guerra.[180] In December 2017, Netflix signed Stranger Things director-producer Shawn Levy and his production company 21 Laps Entertainment to what sources say is a four-year deal.[181] In 2017, Netflix invested in distributing exclusive stand-up comedy specials from Dave Chappelle, Louis C.K., Chris Rock, Jim Gaffigan, Bill Burr and Jerry Seinfeld.[182]
In February 2018, Netflix acquired the rights to The Cloverfield Paradox from Paramount Pictures for $50 million and launched on its service on February 4, 2018, shortly after airing its first trailer during Super Bowl LII. Analysts believed that Netflix's purchase of the film helped to make the film instantly profitable for Paramount compared to a more traditional theatrical release, while Netflix benefited from the surprise reveal.[183][184] Other films acquired by Netflix include international distribution for Paramount's Annihilation[184] and Universal's News of the World and worldwide distribution of Universal's Extinction,[185] Warner Bros.' Mowgli: Legend of the Jungle,[186] Paramount's The Lovebirds[187] and 20th Century Studios' The Woman in the Window.[188] In March, the service ordered Formula 1: Drive to Survive, a racing docuseries following teams in the Formula One world championship.[189]
In March 2018, Sky UK announced an agreement with Netflix to integrate Netflix's subscription VOD offering into its pay-TV service. Customers with its high-end Sky Q set-top box and service will be able to see Netflix titles alongside their regular Sky channels.[190] In October 2022, Netflix revealed that its annual revenue from the UK subscribers in 2021 was £1.4bn.[191]
In April 2018, Netflix pulled out of the Cannes Film Festival, in response to new rules requiring competition films to have been released in French theaters. The Cannes premiere of Okja in 2017 was controversial, and led to discussions over the appropriateness of films with simultaneous digital releases being screened at an event showcasing theatrical film; audience members also booed the Netflix production logo at the screening. Netflix's attempts to negotiate to allow a limited release in France were curtailed by organizers, as well as French cultural exception law—where theatrically screened films are legally forbidden from being made available via video-on-demand services until at least 36 months after their release.[192][193][194] Besides traditional Hollywood markets as well as from partners like the BBC, Sarandos said the company also looking to expand investments in non-traditional foreign markets due to the growth of viewers outside of North America. At the time, this included programs such as Dark from Germany, Ingobernable from Mexico and 3% from Brazil.[195][196][197]
On May 22, 2018, former president, Barack Obama, and his wife, Michelle Obama, signed a deal to produce docu-series, documentaries and features for Netflix under the Obamas' newly formed production company, Higher Ground Productions.[198][199]
In June 2018, Netflix announced a partnership with Telltale Games to port its adventure games to the service in a streaming video format, allowing simple controls through a television remote.[200][201] The first game, Minecraft: Story Mode, was released in November 2018.[202] In July 2018, Netflix earned the most Emmy nominations of any network for the first time with 112 nods. On August 27, 2018, the company signed a five-year exclusive overall deal with international best–selling author Harlan Coben.[203] On the same day, the company signed an overall deal with Gravity Falls creator Alex Hirsch.[204] In October 2018, Netflix paid under $30 million to acquire Albuquerque Studios (ABQ Studios), a $91 million film and TV production facility with eight sound stages in Albuquerque, New Mexico, for its first U.S. production hub, pledging to spend over $1 billion over the next decade to create one of the largest film studios in North America.[205][206] In November 2018, Paramount Pictures signed a multi-picture film deal with Netflix, making Paramount the first major film studio to sign a deal with Netflix.[207] A sequel to AwesomenessTV's To All the Boys I've Loved Before was released on Netflix under the title To All the Boys: P.S. I Still Love You as part of the agreement.[208] In December 2018, the company announced a partnership with ESPN Films on a television documentary chronicling Michael Jordan and the 1997–98 Chicago Bulls season titled The Last Dance. It was released internationally on Netflix and became available for streaming in the United States three months after a broadcast airing on ESPN.[209][210]
In January 2019, Sex Education made its debut as a Netflix original series, receiving much critical acclaim.[211] On January 22, 2019, Netflix sought and was approved for membership into the Motion Picture Association of America (MPAA), making it the first streaming service to join the association.[212] In February 2019, The Haunting creator Mike Flanagan joined frequent collaborator Trevor Macy as a partner in Intrepid Pictures and the duo signed an exclusive overall deal with Netflix to produce television content.[213] On May 9, 2019, Netflix contracted with Dark Horse Entertainment to make television series and films based on comics from Dark Horse Comics.[214] In July 2019, Netflix announced that it would be opening a hub at Shepperton Studios as part of a deal with Pinewood Group.[215] In early-August 2019, Netflix negotiated an exclusive multi-year film and television deal with Game of Thrones creators and showrunners David Benioff and D.B. Weiss.[216][217][218][219][220] The first Netflix production created by Benioff and Weiss was planned as an adaptation of Liu Cixin's science fiction novel The Three-Body Problem, part of the Remembrance of Earth's Past trilogy.[221] On September 30, 2019, in addition to renewing Stranger Things for a fourth season, Netflix signed The Duffer Brothers to an overall deal covering future film and television projects for the service.[222]
On November 13, 2019, Netflix and Nickelodeon entered into a multi-year agreement to produce several original animated feature films and television series based on Nickelodeon's library of characters. This agreement expanded on their existing relationship, in which new specials based on the past Nickelodeon series Invader Zim and Rocko's Modern Life (Invader Zim: Enter the Florpus and Rocko's Modern Life: Static Cling respectively) were released by Netflix. Other new projects planned under the team-up include a music project featuring Squidward Tentacles from the animated television series SpongeBob SquarePants, and films based on The Loud House and Rise of the Teenage Mutant Ninja Turtles.[223][224][225] The agreement with Disney ended in 2019 due to the launch of Disney+, with its Marvel productions moving exclusively to the service in 2022.[226][227]
In November 2019, Netflix announced that it had signed a long-term lease to save the Paris Theatre, the last single-screen movie theater in Manhattan. The company oversaw several renovations at the theater, including new seats and a concession stand.[228][229][230]
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In January 2020, Netflix announced a new four-film deal with Adam Sandler worth up to $275 million.[231] On February 25, 2020, Netflix formed partnerships with six Japanese creators to produce an original Japanese anime project. This partnership includes manga creator group CLAMP, mangaka Shin Kibayashi, mangaka Yasuo Ohtagaki, novelist and film director Otsuichi, novelist Tow Ubukata, and manga creator Mari Yamazaki.[232] On March 4, 2020, ViacomCBS announced that it will be producing two spin-off films based on SpongeBob SquarePants for Netflix.[233] On April 7, 2020, Peter Chernin's Chernin Entertainment made a multi-year first-look deal with Netflix to make films.[234] On May 29, 2020, Netflix announced the acquisition of Grauman's Egyptian Theatre from the American Cinematheque to use as a special events venue.[235][236][237] In July 2020, Netflix appointed Sarandos as co-CEO.[238][239] In July 2020, Netflix invested in Black Mirror creators Charlie Brooker and Annabel Jones' new production outfit Broke And Bones.[240]
In September 2020, Netflix signed a multi-million dollar deal with the Duke and Duchess of Sussex. Harry and Meghan agreed to a multi-year deal promising to create TV shows, films, and children's content as part of their commitment to stepping away from the duties of the royal family.[241][242] In September 2020, Hastings released a book about Netflix culture titled No Rules Rules: Netflix and the Culture of Reinvention, which was coauthored by Erin Meyer.[243] In December 2020, Netflix signed a first-look deal with Millie Bobby Brown to develop and star in several projects including a potential action franchise.[244]
Expansion into gaming, Squid Game, new programing and new initiatives (2021–2022)
[edit]In March 2021, Netflix earned the most Academy Award nominations of any studio, with 36. Netflix won seven Academy Awards, which was the most by any studio.[245] Later that year, Netflix also won more Emmys than any other network or studio with 44 wins, tying the record for most Emmys won in a single year set by CBS in 1974.[246]
On April 8, 2021, Sony Pictures Entertainment announced an agreement for Netflix to hold the U.S. pay television window rights to its releases beginning in 2022, replacing Starz and expanding upon an existing agreement with Sony Pictures Animation. The agreement also includes a first-look deal for any future direct-to-streaming films being produced by Sony Pictures, with Netflix required to commit to a minimum number of them.[247][248][249] On April 27, Netflix announced that it was opening its first Canadian headquarters in Toronto.[250] The company also announced that it would open an office in Sweden as well as Rome and Istanbul to increase its original content in those regions.[251]
In early-June, Netflix hosted a first-ever week-long virtual event called "Geeked Week", where it shared exclusive news, new trailers, cast appearances and more about upcoming genre titles like The Witcher, The Cuphead Show!, and The Sandman.[252]
On June 7, 2021, Jennifer Lopez's Nuyorican Productions signed a multi-year first-look deal with Netflix spanning feature films, TV series, and unscripted content, with an emphasis on projects that support diverse female actors, writers, and filmmakers.[253] On June 10, 2021, Netflix announced it was launching an online store for curated products tied to the Netflix brand and shows such as Stranger Things and The Witcher.[254][255] On June 21, 2021, Steven Spielberg's Amblin Partners signed a deal with Netflix to release multiple new feature films for the streaming service.[256][257] On June 30, 2021, Powerhouse Animation Studios (the studio behind Netflix's Castlevania) announced signing a first-look deal with the streamer to produce more animated series.[258]
In July 2021, Netflix hired Mike Verdu, a former executive from Electronic Arts and Facebook, as vice president of game development, along with plans to add video games by 2022.[259] Netflix announced plans to release mobile games that would be included in subscribers' service plans.[260] Trial offerings were first launched for Netflix users in Poland in August 2021, offering premium mobile games based on Stranger Things including Stranger Things 3: The Game, for free to subscribers through the Netflix mobile app.[261]
On July 14, 2021, Netflix signed a first-look deal with Joey King, star of The Kissing Booth franchise, in which King will produce and develop films for Netflix via her All The King's Horses production company.[262] On July 21, 2021, Zack Snyder, director of Netflix's Army of the Dead, announced he had signed his production company The Stone Quarry to a first-look deal with Netflix; his upcoming projects include a sequel to Army of the Dead and a sci-fi adventure film titled Rebel Moon.[263][264][265][266] In 2019, he agreed to produce an anime-style web series inspired by Norse mythology.[267][268]
As of August 2021, Netflix Originals made up 40% of Netflix's overall library in the United States.[269] The company announced that "TUDUM: A Netflix Global Fan Event", a three-hour virtual behind the scenes featuring first-look reveals for 100 of the streamer's series, films and specials, would have its inaugural show in late September 2021.[270][271] According to Netflix, the show garnered 25.7 million views across Netflix's 29 Netflix YouTube channels, Twitter, Twitch, Facebook, TikTok and Tudum.com.[272]
Also in September, the company announced The Queen's Ball: A Bridgerton Experience, launching in 2022 in Los Angeles, Chicago, Montreal, and Washington, D.C.[273]
Squid Game, a South Korean survival drama created and produced by Hwang Dong-hyuk, rapidly became the service's most-watched show within a week of its launch in many markets on September 17, 2021, including Korea, the U.S. and the United Kingdom.[197] Within its first 28 days on the service, Squid Game drew more than 111 million viewers, surpassing Bridgerton and becoming Netflix's most-watched show.[274]
On September 20, 2021, Netflix signed a long-term lease with Aviva Investors to operate and expand the Longcross Studios in Surrey, UK.[275] On September 21, 2021, Netflix announced that it would acquire the Roald Dahl Story Company, which manages the rights to Roald Dahl's stories and characters, for an undisclosed price and would operate it as an independent company.[276][277][278][279] The company acquired Night School Studio, an independent video game developer, on September 28, 2021.[280]
On October 13, 2021, Netflix announced the launch of the Netflix Book Club, partnering with Starbucks for a social series called But Have You Read the Book?.[281] Uzo Aduba became inaugural host of the series and announced monthly book selections set to be adapted by the streamer. Aduba speaks with the cast, creators, and authors about the book adaptation process over a cup of coffee at Starbucks.[282][283] Through October 2021, Netflix commonly reported viewership for its programming based on the number of viewers or households that watched a show in a given period (such as the first 28 days from its premiere) for at least two minutes. On the announcement of its quarterly earnings in October 2021, the company stated that it would switch its viewership metrics to measuring the number of hours that a show was watched, including rewatches, which the company said was closer to the measurements used in linear broadcast television, and thus "our members and the industry can better measure success in the streaming world."[284]
Netflix officially launched mobile games on November 2, 2021, for Android users around the world. Through the app, subscribers had free access to five games, including two previously made Stranger Things titles. Netflix intends to add more games to this service over time.[285] On November 9, the collection launched for iOS.[286] Some games in the collection require an active internet connection to play, while others will be available offline. Netflix Kids' accounts will not have games available.[287] On November 16, Netflix announced the launch of "Top10 on Netflix.com", a new website with weekly global and country lists of the most popular titles on their service based on their new viewership metrics.[288] On November 22, Netflix announced that it would acquire Scanline VFX, the visual effects and animation company behind Cowboy Bebop and Stranger Things.[289] On the same day, Roberto Patino signed a deal with Netflix and established his production banner, Analog Inc., in partnership with the company. Patino's first project under the deal is a series adaptation of Image Comics' Nocterra.[290]
On December 6, 2021, Netflix and Stage 32 announced that they have teamed up the workshops at the Creating Content for the Global Marketplace program.[291] On December 7, 2021, Netflix partnered with IllumiNative, a woman-led non-profit organization, for the Indigenous Producers Training Program.[292][293] On December 9, Netflix announced the launch of "Tudum", an official companion website that offers news, exclusive interviews and behind-the-scenes videos for its original television shows and films.[294] On December 13, Netflix signed a multi-year overall deal with Kalinda Vazquez.[295] On December 16, 2021, Netflix signed a multi-year creative partnership with Spike Lee and his production company 40 Acres and a Mule Filmworks to develop film and television projects.[296]
In compliance with the EU Audiovisual Media Services Directive and its implementation in France, Netflix reached commitments with French broadcasting authorities and film guilds, as required by law, to invest a specific amount of its annual revenue into original French films and series. These films must be theatrically released and would not be allowed to be carried on Netflix until 15 months after their release.[297][298]
In January 2022, Netflix ordered additional sports docuseries from Drive to Survive producers Box to Box Films, including a series that would follow PGA Tour golfers, and another that would follow professional tennis players on the ATP and WTA Tour circuits.[299][300]
The company announced plans to acquire Next Games in March 2022 for €65 million as part of Netflix's expansions into gaming. Next Games had developed the mobile title Stranger Things: Puzzle Tales as well as two The Walking Dead mobile games.[301] Later in the month, Netflix also acquired the Texas-based mobile game developer, Boss Fight Entertainment, for an undisclosed sum.[302]
On March 15, 2022, Netflix announced a partnership with Dr. Seuss Enterprises to produce five new series and specials based on Seuss properties following the success of Green Eggs and Ham.[303][304] On March 29, 2022, Netflix announced that it would open an office in Poland to serve as a hub for its original productions across Central and Eastern Europe.[305] On March 30, 2022, Netflix extended its lease agreement with Martini Film Studios, just outside Vancouver, Canada, for another five years.[306] On March 31, 2022, Netflix ordered a docuseries that would follow teams in the 2022 Tour de France, which would also be co-produced by Box to Box Films.[307]
Following the 2022 Russian invasion of Ukraine, Netflix suspended its operations and future projects in Russia.[308][4] It also announced that it would not comply with a proposed directive by Roskomnadzor requiring all internet streaming services with more than 100,000 subscribers to integrate the major free-to-air channels (which are primarily state-owned).[309] A month later, ex-Russian subscribers filed a class action lawsuit against Netflix.[310][311]
Netflix stated that 100 million households globally were sharing passwords to their account with others, and that Canada and the United States accounted for 30 million of them. Following these announcements, Netflix's stock price fell by 35 percent.[312][313][314][315][316] By June 2022, Netflix had laid off 450 full-time and contract employees as part of the company's plan to trim costs amid lower than expected subscriber growth.[317][318][319][320]
On April 13, 2022, Netflix released the series Our Great National Parks, which was hosted and narrated by former US President Barack Obama.[321] It also partnered with Group Effort Initiative, a company founded by Ryan Reynolds and Blake Lively, to provide opportunities behind the camera for those in underrepresented communities.[322] On the same day, Netflix partnered with Lebanon-based Arab Fund For Arts And Culture for supporting the Arab female filmmakers. It will provide a one-time grant of $250,000 to female producers and directors in the Arab world through the company's Fund for Creative Equity.[323] Also on the same day, Netflix announced an Exploding Kittens mobile card game tied to a new animated TV series, which will launch in May.[324] Netflix formed a creative partnership with J. Miles Dale.[325] The company also formed a partnership with Japan's Studio Colorido, signing a multi-film deal to boost their anime content in Asia. The streaming giant is said to co-produce three feature films with the studio, the first of which will premiere in September 2022.[326] On April 28, the company launched its inaugural Netflix Is a Joke comedy festival, featuring more than 250 shows over 12 nights at 30-plus locations across Los Angeles, including the first-ever stand-up show at Dodger Stadium.[327][328]
The first volume of Stranger Things 4 logged Netflix's biggest premiere weekend ever for an original series with 286.79 million hours viewed.[329] This was preceded by a new Stranger Things interactive experience hosted in New York City that was developed by the show's creators.[330] After the release of the second volume of Stranger Things 4 on July 1, 2022, it became Netflix's second title to receive more than one billion hours viewed.[331]
On July 19, 2022, Netflix announced plans to acquire Australian animation studio Animal Logic.[332][333] That month, in collaboration with Sennheiser, Netflix began to add Ambeo 2-channel audio mixes (referred to as "spatial audio") to selected original productions, which allows simulated surround sound on stereo speakers and headphones.[334][335]
On September 5, 2022, Netflix opened an office in Warsaw, Poland responsible for the service's operations in 28 markets in Central and Eastern Europe.[336]
On October 4, 2022, Netflix have signed a creative partnership with Andrea Berloff and John Gatins.[337] On October 11, Netflix signed up with the Broadcasters' Audience Research Board for external measurement of viewership in the UK.[338] On October 12, Netflix signed to build a production complex at Fort Monmouth in Eatontown, New Jersey.[339] On October 18, Netflix began exploring a cloud gaming offering and opened a new gaming studio in Southern California.[340]
On November 7, 2022, Netflix announced a strategic partnership with The Seven, a Japanese production company owned by TBS Holdings, to produce multiple original live-action titles for the subscribers over the next five years.[341][342] On December 12, 2022, Netflix announced that sixty-percent of its subscribers had watched a Korean drama.[343][344] CEO Ted Sarandos attributed the increase in viewership of Korean content among Americans to Korean films and dramas being "often unpredictable" and catching "the American audience by surprise".[345][346]
On January 10, 2023, Netflix announced plans to open an engineering hub in its Warsaw office. The hub is to provide Netflix's creative partners with software solutions for the production of films and series.[347] In February 2023, Netflix launched a wider rollout of spatial audio, and began allowing Premium subscribers to download content for offline playback on up to six devices (expanded from four).[334][335]
On March 4, 2023, Netflix broadcast its first-ever global live-streaming event, the stand-up comedy special Chris Rock: Selective Outrage.[348]
Netflix reworked its viewership metrics again in June 2023. Viewership of shows was measured during the first 91 days of availability, instead of the first 28 days, and now are based on the total viewership hours divided by the total hours of the show itself. This provided more equal considerations for shorter shows and movies compared to longer ones.[349]
In August 2023, the company announced Netflix Stories, a collection of interactive narrative games from Netflix series and movies such as Love is Blind, Money Heist and Virgin River.[350]
Co-CEOs, discontinuation of DVDs, expansion of live events and venues, WWE (2023–present)
[edit]In January 2023, Greg Peters and Ted Sarandos were named co-CEOs of Netflix, with Hastings assuming the role of executive chairman.[351][352] Peters previously served as COO and Chief Product Officer, while Sarandos served as Chief Content Officer.[353][354]
On April 18, 2023, Netflix announced that it would discontinue its DVD-by-mail service on September 29.[355] Users of the service were able to keep the DVDs that they had received. Over its lifetime the service had sent out over 5 billion shipments.[356][357]
In October 2023, Eunice Kim was promoted to Chief Product Officer and Elizabeth Stone was promoted to Chief Technology Officer.[358] That same month, amid a restructuring of its animation division, Netflix announced a multi-film agreement with Skydance Animation beginning with Spellbound (2024). The agreement partially replaces one it had with Apple TV+.[359][360]
In December 2023, Netflix released its first "What We Watched: A Netflix Engagement Report", a look at viewership for every original and licensed title watched more than 50,000 hours from January to June 2023. The company also announced plans to publish the report twice a year.[361][362] In its first report for the first six months of 2023, it revealed that The Night Agent was the most watched show globally during that period.[363]
On January 23, 2024, Netflix announced a major agreement with professional wrestling promotion WWE, under which it will acquire the international rights to its live weekly program Raw beginning January 6, 2025; the rights will initially cover the United States, Canada, the United Kingdom, and Latin America, and expand to other territories over time. Outside of the United States, it will also hold international rights to all three of WWE's main weekly programs (Raw, SmackDown, and NXT), premium live events, and documentaries among other content. The agreement was reported to be valued at $500 million per-year over ten years.[364][365][366]
In February 2024, Netflix joined with Peter Morgan, creator of the Netflix series The Crown, to produce the play Patriots on Broadway. The venture is the first Broadway credit for the company but not its first stage project. It was actively involved as a producer of Stranger Things: The First Shadow in London. Both productions share a lead producer, Sonia Friedman.[367]
In May 2024, the company hosted its second Netflix Is a Joke festival in Los Angeles. It streamed several specials from the festival live, including Katt Williams's Woke Folk and The Roast of Tom Brady, both of which ranked on Netflix's global top 10 the following two weeks.[368][369] That same month, Netflix announced that it would stream both National Football League Christmas games in 2024.[370] For 2025 and 2026, the streamer will have exclusive rights to at least one NFL Christmas game each year.[371]
In June 2024, Netflix announced that it would develop new entertainment venues known as "Netflix House" at King of Prussia Mall in Pennsylvania and Galleria Dallas in Texas. The spaces will feature retail shops, restaurants, and other interactive experiences related to Netflix original content, building upon other "pop-up" initiatives to promote individual programs.[372] Netflix House Philadelphia will feature immersive experiences for Wednesday and One Piece, Netflix House Dallas will feature Stranger Things: Escape the Dark and Squid Game: Survive the Trials.[373] Netflix House Las Vegas Strip will open in 2027.[373]
In November 2024, Netflix announced that it would discontinue further work on interactive specials and remove all but four of them from the platform, citing a desire to focus on "technological efforts in other areas".[374] On November 15, 2024, Netflix streamed a boxing event from AT&T Stadium in Arlington, Texas, featuring as co-main events an exhibition match between Jake Paul and Mike Tyson, and Katie Taylor vs. Amanda Serrano for the WBA, WBC, IBF, WBO, and The Ring lightweight titles. While afflicted by technical issues, Paul's promoter reported that the stream had a peak concurrent viewership of 65 million viewers, surpassing the 2023 ICC Men's Cricket World Cup final (which had a reported 57 million concurrent streams on Disney+ Hotstar) as the most live-streamed sporting event.[375][376] Netflix stated that the event had an "average minute audience" (AMA) of 108 million worldwide, and that the AMA of 47 million in the United States made the Taylor vs. Serrano bout the most-watched women's professional sporting event in U.S. history.[377]
On December 20, 2024, FIFA announced that Netflix would be the exclusive U.S. broadcaster of the 2027 and 2031 FIFA Women's World Cup, in what was deemed the platform's most significant push into sports content.[378]
On Christmas Day 2024, Netflix aired its first-ever NFL games: the Kansas City Chiefs versus the Pittsburgh Steelers, and the Baltimore Ravens versus the Houston Texans. The games both averaged over 30 million global viewers and became the two most-streamed NFL games in US history, while simultaneously creating Netflix's most-watched Christmas Day ever in the US.[379]
In January 2025, Netflix announced that it had exceeded 300 million subscribers worldwide after adding a record 18.9 million in the fourth quarter of 2024, amounting to 41 million for the full year.[5] In May 2025, Netflix announced a redesign of its home screen for the first time since 2013, which has a simplified appearance with more prominent metadata, and replaces the sidebar menu with a streamlined section of tabs along the top of the screen. Netflix stated that the redesign was meant to allow users to "have an easier time figuring out if a title is right for them", and be more reflective of new types of content offerings such as sports and other live events.[380][381]
In August 2025, Netflix announced an exclusivity deal to stream the World Baseball Classic in Japan starting in 2026. The 2026 edition marks the first time it will stream a live event in Japan. Through this agreement, Netflix will stream all 47 games of the 2026 World Baseball Classic live and on-demand for its users in Japan.[382] The animated musical KPop Demon Hunters became Netflix's most popular film of all time later that month.[383]
In September 2025, it was reported that Netflix may be considering a bid to buy Warner Bros. Discovery, after Paramount Skydance first announced their intention to buy Warner Bros. Discovery. Unlike Paramount-Skydance, which intends on acquiring 100% of Warner Bros.-Discovery's assets, Netflix appears to be more interested in only acquiring the studio and streaming parts of the company.[384]
Availability and access
[edit]Global availability
[edit]
Netflix is available in every country and territory except for China, North Korea, Syria, and Russia.[387]
In January 2016, Netflix announced it would begin VPN blocking since it can be used to watch videos from a country where they are unavailable.[388] The result of the VPN block is that people can only watch videos available worldwide and other videos are hidden from search results.[389] Variety is present on Netflix.[clarification needed] Hebrew and right-to-left interface orientation, which is a common localization strategy in many markets, are what define the Israeli user interface's localization, and in some regions, Netflix offers a more affordable mobile-only subscription.[390]
Subscriptions
[edit]Customers can subscribe to one of three plans; the difference in plans relates to video resolution, the number of simultaneous streams, and the number of devices to which content can be downloaded.[391]
At the end of Q1 2022, Netflix estimated that 100 million households globally were sharing passwords to their account with others.[315] In March 2022, Netflix began to charge a fee for additional users in Chile, Peru, and Costa Rica to attempt to control account sharing.[313][314][315] On July 18, 2022, Netflix announced that it would test the account sharing feature in more countries, including Argentina, Dominican Republic, El Salvador, Guatemala and Honduras.[392] On October 17, Netflix launched Profile Transfer to help end account sharing.[393]
On July 13, 2022, Netflix announced plans to launch an advertising-supported subscription option.[394] Netflix's planned advertising tier would not allow subscribers to download content like the existing ad-free platform.[395] On July 20, 2022, it was announced that the advertising-supported tier would be coming to Netflix in 2023 but it would not feature the full library of content.[396] In October, the launch date was announced as November 3, 2022, and was launched in 12 countries: United States, Canada, Mexico, Brazil, United Kingdom, France, Germany, Italy, Spain, Australia, Japan and South Korea.[397][398][399] The ad-supported plan was called "Basic with Ads" and it cost $6.99 per month in the United States at launch.[400]
On February 24, 2023, Netflix cut subscription prices in more than 30 countries around the world to attract more subscribers from those countries. Malaysia, Indonesia, Thailand, the Philippines, Croatia, Venezuela, Kenya, and Iran are on the list of countries where the cost for a subscription will be reduced.[401] In the same month stronger anti-password-sharing rules were expanded to Canada, New Zealand, Portugal, and Spain.[402] In May 2023, these measures were further expanded to United States and Brazil subscribers.[403][404][405]
In July 2023, Netflix added 5.9 million subscribers for the second quarter of the year for a total of 238.39 million subscribers overall. The United States and Canada accounted for 1.2 million subscribers which was the largest regional quarterly gain since 2021.[406][407]
In February, Netflix announced it would enforce stricter regulations on password sharing, and by May 2023 it began cracking down in the US, UK, and Australia. Under these new rules, multiple people can use and share one account, but they have to be under the same household. Netflix defines a household as people who live in the same location as the owner of the account. Users are asked to set a primary location based on the device's IP address.[408]
Netflix reported 8.05 million new subscribers in Q2 2024, up from 5.9 million subscribers added in Q2 2023.[409][410]
In July 2024, Netflix started phasing out its cheapest subscription plan for users in France and the US, a year after the plan was removed for Canada and the UK. Members in these countries have the option to sign up for either the standard ad-free plan or the ad plan.[411][412]
Device support
[edit]Netflix can be accessed via a web browser, while Netflix apps are available on various platforms, including Blu-ray players, tablet computers, mobile phones, smart TVs, digital media players, and video game consoles. Currently supported game consoles include:
- Microsoft Xbox 360,[413] Xbox One and Xbox Series X/S
- Sony PlayStation 3,[414] PlayStation 4 and PlayStation 5
Several older devices no longer support Netflix. For home gaming consoles, this includes the PlayStation 2,[415] PlayStation TV, Wii[416] and Wii U.[417] For handheld gaming consoles, this includes the Nintendo 3DS family of systems and the PlayStation Vita.[418] The second and third generation Apple TV previously supported Netflix with an ad-free plan, but the app was automatically removed on these devices on July 31, 2024.[419]
In addition, a growing number of multichannel television providers, including cable television and IPTV services, have added Netflix apps accessible within their own set-top boxes, sometimes with the ability for its content (along with those of other online video services) to be presented within a unified search interface alongside linear television programming as an "all-in-one" solution.[420][421][422][423]
The maximum video resolution supported on computers is dependent on the DRM systems available on a particular operating system and web browser.[424]
| Operating System | Web Browser | DRM system | Maximum allowed video resolution |
|---|---|---|---|
| Microsoft Windows 7 or later MacOS 10.11 or later Linux (dependent on distribution variant) |
Google Chrome, Firefox, Opera | Widevine | 720p (with Widevine L1) |
| Microsoft Windows 10 or later | Microsoft Edge | PlayReady | 4K (device must fulfill hardware requirements)[425] |
| MacOS 10.11 through MacOS 10.15 | Apple Safari | FairPlay | 1080p |
| MacOS 11 or later | Apple Safari | FairPlay | 4K |
| ChromeOS | Google Chrome | Widevine | 1080p (with Widevine L1) |
| Android | mobile app | Widevine | 480p (devices with Widevine L3 only) 1080p (devices with Widevine L1 certification) [426] |
| iOS | mobile app | FairPlay | 1080p[427] |
Content
[edit]Original programming
[edit]
"Netflix Originals" are content that is produced, co-produced, or distributed exclusively by Netflix. Netflix funds its original shows differently than other TV networks when they sign a project, providing the money upfront and immediately ordering two seasons of most series.[428] It keeps licensing rights, which normally give production companies future revenue opportunities from syndication, merchandising, etc.[165][429]
Over the years, Netflix output ballooned to a level unmatched by any television network or streaming service. According to Variety Insight, Netflix produced a total of 240 new original shows and movies in 2018, then climbed to 371 in 2019, a figure "greater than the number of original series that the entire U.S. TV industry released in 2005."[430] The Netflix budget allocated to production increased annually, reaching $13.6 billion in 2021 and projected to hit $18.9 billion by 2025, a figure that once again overshadowed any of its competitors.[431] As of August 2022, original productions made up 50% of Netflix's overall library in the United States.[432]
Film and television deals
[edit]Netflix has exclusive pay TV deals with several studios. The deals give Netflix exclusive streaming rights while adhering to the structures of traditional pay TV terms.
Distributors that have licensed content to Netflix include Warner Bros., Universal Pictures, Sony Pictures Entertainment and previously The Walt Disney Studios.[45] Netflix also holds current and back-catalog rights to television programs distributed by Walt Disney Television, DreamWorks Classics, Kino International, PBS, Warner Bros. Television[433] and Paramount Global Content Distribution,[434] along with titles from other companies such as ABS-CBN Studios,[435] GMA Pictures,[436] Cignal Entertainment, MQ Studios, Regal Entertainment, Viva Films, MNC Media, Screenplay Films, Soraya Intercine Films, Falcon Pictures, MD Pictures, Rapi Films, Starvision Plus, CJ ENM, JTBC, Kakao Entertainment, TBS, TV Asahi, Fuji TV, Mediacorp, Primeworks Studios, GMM Grammy, Public Television Service, Gala Television, ITV Studios, Hasbro Entertainment and StudioCanal. Formerly, the streaming service also held rights to select television programs distributed by NBCUniversal Television Distribution, Sony Pictures Television and 20th Century Fox Television.
Netflix negotiated to distribute animated films from Universal that HBO declined to acquire, such as The Lorax, ParaNorman, and Minions.[437]
Netflix holds exclusive streaming rights to the film library of Studio Ghibli (except Grave of the Fireflies) worldwide except in the U.S. and Japan as part of an agreement signed with Ghibli's international sales holder Wild Bunch in 2020.[438]
Netflix Games
[edit]In July 2021, Netflix hired Mike Verdu, a former executive from Electronic Arts and Facebook, as vice president of game development, along with plans to add video games by 2022.[439] Netflix announced plans to release mobile games that would be included in subscribers' service plans.[440] Trial offerings were first launched for Netflix users in Poland in August 2021, offering premium mobile games based on Stranger Things including Stranger Things 3: The Game, for free to subscribers through the Netflix mobile app.[441]
Netflix officially launched mobile games on November 2, 2021, for Android users around the world. Through the app, subscribers had free access to five games, including two previously made Stranger Things titles. Netflix intends to add more games to this service over time.[442] On November 9, the collection launched for iOS.[443] Verdu said in October 2022 that besides continuing to expand their portfolio of games, they were also interested in cloud gaming options.[444]
To support the games effort, Netflix began acquiring and forming a number of studios. The company acquired Night School Studio, an independent video game developer, in September 2021.[445] Netflix announced plans to acquire Next Games in March 2022 for €65 million as part of Netflix's expansions into gaming. Next Games had developed the mobile title Stranger Things: Puzzle Tales as well as two The Walking Dead mobile games.[446] Later in the month, Netflix also acquired the Texas-based mobile game developer, Boss Fight Entertainment, for an undisclosed sum.[302] Netflix opened a mobile game studio in Helsinki, Finland in September 2022,[447] and a new studio, their fifth overall, in southern California in October 2022,[444] alongside the acquisition of Spry Fox in Seattle.[448]
In June 2024, Verdu was moved into a new role focusing on "innovation in game development."[449] The next month, Netflix hired Alain Tascan, vice president of game development at Epic Games, to head up Netflix Games.[450] As of July 2024, Netflix has over 80 games in development, releasing at least one game each month to attract fans.[451] The company shut down its Southern California "Team Blue" AAA gaming studio in October 2024, leading to the departure of developers like Overwatch producer Chacko Sonny, Halo veteran Joseph Staten and God of War art director Rafael Grassetti.[452] Netflix indicated that it maintains a commitment to grow its gaming business despite the changes.[453][454] In late October, Netflix announced several games based on hit series including Netflix Stories: Outer Banks, Netflix Stories: A Perfect Couple, Netflix Stories: A Virgin River Christmas, and The Ultimatum: Choices, as well as a new daily word game in partnership with TED Talks, TED Tumblewords.[455][456]
On December 12, at The Game Awards 2024, netflix games exclusively revealed pioneering game designer Yu Suzuki's next game Steel Paws.[457] [458] [459]
Technology
[edit]Content delivery
[edit]Netflix freely peers with Internet service providers (ISPs) directly and at common Internet exchange points. In June 2012, a custom content delivery network, Open Connect, was announced.[460] For larger ISPs with over 100,000 subscribers, Netflix offers free Netflix Open Connect computer appliances that cache their content within the ISPs' data centers or networks to further reduce Internet transit costs.[461][462] By August 2016, Netflix closed its last physical data center, but continued to develop its Open Connect technology.[463] A 2016 study at the University of London detected 233 individual Open Connect locations on over six continents, with the largest amount of traffic in the US, followed by Mexico.[464][465]
As of July 2017, Netflix series and movies accounted for more than a third of all prime-time download Internet traffic in North America.[466]
API
[edit]On October 1, 2008, Netflix offered access to its service via a public application programming interface (API).[467] It allowed access to data for all Netflix titles, and allows users to manage their movie queues. The API was free and allowed commercial use.[468] In June 2012, Netflix began to restrict the availability of its public API.[469] Netflix instead focused on a small number of known partners using private interfaces, since most traffic came from those private interfaces.[470] In November 2014, Netflix retired the public API.[471] Netflix then partnered with the developers of eight services deemed the most valuable, including Instant Watcher, Fanhattan, Yidio and Nextguide.[472]
Recommendations and thumbnails
[edit]Netflix presents viewers with recommendations based on interactions with the service, such as previous viewing history and ratings of viewed content. These are often grouped into genres and formats, or feature the platform's highest-rated content. Each title is presented with a thumbnail. Before around 2015, these were the same key art for everyone, but since then has been customized. Netflix may select a specific key art for a thumbnail based on viewing history,[473] such as an actor or scene type based on genre preferences.[474] Some thumbnails are generated from video stills.[475]
The Netflix recommendation system is a vital part of the streaming platform's success, enabling personalized content suggestions for hundreds of millions of subscribers worldwide.[476] Using advanced machine learning algorithms, Netflix analyzes user interactions, including viewing history, searches, and ratings, to deliver personalized recommendations for movies and TV shows.
The recommendation system considers individual user preferences, similarities with other users with comparable tastes, specific title attributes (genre, release year, etc.), device usage patterns, and viewing time. As users interact with the platform and provide feedback with their viewing habits, the recommendation system is able to adapt and refine its suggestions over time. Netflix uses a two-tiered ranking system, using the presentation of titles on the homepage for easy navigation to maximize user engagement. This is done by organizing content into rows and ranking the titles within each row based on how much the user would be interested in it.[476] Netflix also uses A/B testing to determine what causes the biggest interest and engagement related to options concerning movie suggestions and how titles are organized.
Tags like "bittersweet", "sitcom", or "intimate" are assigned to each title by Netflix employees.[477] Netflix also uses the tags to create recommendation micro-genres like "Goofy TV Shows" or "Girls Night In".[477]
Netflix launched "responsive recommendations", which display titles on the home page based on what its users are actively searching, in 2025.[478]
Awards
[edit]On July 18, 2013, Netflix earned the first Primetime Emmy Awards nominations for original streaming programs at the 65th Primetime Emmy Awards. Three of its series, Arrested Development, Hemlock Grove and House of Cards, earned a combined 14 nominations (nine for House of Cards, three for Arrested Development and two for Hemlock Grove).[479] The House of Cards episode "Chapter 1" received four nominations for both the 65th Primetime Emmy Awards and 65th Primetime Creative Arts Emmy Awards, becoming the first episode of a streaming television series to receive a major Primetime Emmy Award nomination. With its win for Outstanding Cinematography for a Single-Camera Series, "Chapter 1" became the first episode from a streaming service to be awarded an Emmy.[479][480][481] David Fincher's win for Directing for a Drama Series for House of Cards made the episode the first from a streaming service to win a Primetime Emmy.[482]
On November 6, 2013, Netflix earned its first Grammy nomination when You've Got Time by Regina Spektor—the main title theme song for Orange Is the New Black—was nominated for Best Song Written for Visual Media.[483]
On December 12, 2013, the network earned six nominations for Golden Globe Awards, including four for House of Cards.[484] Among those nominations was Wright for Golden Globe Award for Best Actress – Television Series Drama for her portrayal of Claire Underwood, which she won. With the accolade, Wright became the first actress to win a Golden Globe for a streaming television series. It also marked Netflix's first major acting award.[485][486][487] House of Cards and Orange is the New Black also won Peabody Awards in 2013.[488]
On January 16, 2014, Netflix became the first streaming service to earn an Academy Award nomination when The Square was nominated for Best Documentary Feature.[489]
On July 10, 2014, Netflix received 31 Emmy nominations. Among other nominations, House of Cards received nominations for Outstanding Drama Series, Outstanding Directing in a Drama Series and Outstanding Writing in a Drama Series. Kevin Spacey and Robin Wright were nominated for Outstanding Lead Actor and Outstanding Lead Actress in a Drama Series. Orange is the New Black was nominated in the comedy categories, earning nominations for Outstanding Comedy Series, Outstanding Writing for a Comedy Series and Outstanding Directing for a Comedy Series. Taylor Schilling, Kate Mulgrew, and Uzo Aduba were respectively nominated for Outstanding Lead Actress in a Comedy Series, Outstanding Supporting Actress in a Comedy Series and Outstanding Guest Actress in a Comedy Series (the latter was for Aduba's recurring role in season one, as she was promoted to series regular for the show's second season).[490]
Netflix got the largest share of 2016 Emmy Award nominations, with 16 major nominations. However, streaming shows only got 24 nominations out of a total of 139, falling significantly behind cable. The 16 Netflix nominees were: House of Cards with Kevin Spacey, A Very Murray Christmas with Bill Murray, Unbreakable Kimmy Schmidt, Master of None, and Bloodline.[491]
Stranger Things received 19 nominations at the 2017 Primetime Emmy Awards, while The Crown received 13 nominations.[492]
In December 2017, Netflix was awarded PETA's Company of the Year for promoting animal rights movies and documentaries like Forks Over Knives and What the Health.[493][494]
At the 90th Academy Awards, held on March 4, 2018, the film Icarus, distributed by Netflix, won its first Academy Award for Best Documentary Feature Film. During his remarks backstage, director and writer Bryan Fogel remarked that Netflix had "single-handedly changed the documentary world." Icarus had its premiere at the 2017 Sundance Film Festival and was bought by Netflix for $5 million, one of the biggest deals ever for a non-fiction film.[495] Netflix became the network whose programs received more nomination at the 2018 Primetime and Creative Arts Emmy Awards with 112 nominations, therefore breaking HBO's 17-years record as a network whose programs received more nomination at the Emmys, which received 108 nominations.[496][497]
On January 22, 2019, films distributed by Netflix scored 15 nominations for the 91st Academy Awards, including Academy Award for Best Picture for Alfonso Cuarón's Roma, which was nominated for 10 awards.[498] The 15 nominations equal the total nominations films distributed by Netflix had received in previous years.
In 2020, Netflix received 20 TV nominations and films distributed by Netflix also got 22 film nominations at the 78th Golden Globe Awards. It secured three out of the five nominations for best drama TV series for The Crown, Ozark and Ratched and four of the five nominations for best actress in a TV series: Olivia Colman, Emma Corrin, Laura Linney and Sarah Paulson.[499][500]
In 2020, Netflix earned 24 Academy Award nominations, marking the first time a streaming service led all studios.[501]
Films and programs distributed by Netflix received 30 nominations at the 2021 Screen Actors Guild Awards, more than any other distribution company, where their distributed films and programs won seven awards including best motion picture for The Trial of the Chicago 7 and best TV drama for The Crown.[502][503] Netflix also received the most nominations of any studio at the 93rd Academy Awards—35 total nominations with 7 award wins.[504][505]
In February 2022, The Power of the Dog, a gritty western distributed by Netflix and directed by Jane Campion, received 12 nominations, including Best Picture, for the 94th annual Academy Awards. Films distributed by the streamer received a total of 72 nominations.[506] Campion became the third female to receive the Best Director award, winning her second Oscar for The Power of the Dog.[507] At the 50th International Emmy Awards, Netflix original Sex Education won Best Comedy Series.[508] Later that year, Netflix received 26 Emmy Awards including six for Squid Game. The Squid Game wins for Outstanding Lead Actor in a Drama Series and Outstanding Directing for a Drama Series were the first-ever for a non-English language series in those categories.[509]
In March 2023, Netflix won six Academy Awards including four for All Quiet on the Western Front which was the most awarded Netflix film in its history. Guillermo del Toro's Pinocchio was the first streaming film to win Best Animated Feature and The Elephant Whisperers was the first Indian-produced film to receive Best Documentary Short Film.[510] Netflix received 103 Emmy nominations including 13 each for the limited series Beef and Dahmer – Monster: The Jeffrey Dahmer Story.[511]
In July 2024, Netflix received 107 Emmy nominations, which was the most of any network.[512]
In January 2025, Netflix received 18 Academy Award nominations across six titles—the most of any studio.[513] Thirteen of those nominations belonged to the musical crime drama Emilia Pérez, making it the most nominated film of the year and the most nominated non-English language film in Academy history. Emilia Pérez ultimately won an award for Best Original Song for "El Mal" and Zoe Saldaña was awarded Best Supporting Actress. Other Netflix films recognized with nominations were The Only Girl in the Orchestra, which took home the award for Best Documentary Short, Pablo Larraín's Maria, Tyler Perry's The Six Triple Eight, animated feature Wallace & Gromit: Vengeance Most Fowl, and live-action short film Anuja.[514]
In July 2025, Netflix received 120 Emmy nominations, including 13 nods for Adolescence, 11 for Monsters: The Lyle and Erik Menendez Story and 10 for Black Mirror.[515] It won 30, including eight for Outstanding Limited or Anthology Series winner Adolescence. The show's star, Owen Cooper, was the youngest Emmy winner ever in any male acting category at 15 years old.[516][517]
Criticism
[edit]
Customers have complained about price increases in Netflix offerings dating back to the company's decision to separate its DVD rental and streaming services, which was quickly reversed. As Netflix increased its streaming output, it has faced calls to limit accessibility to graphic violence and include viewer advisories for issues such as sensationalism and promotion of pseudoscience. Netflix's content has also been criticized by disability rights movement advocates for lack of closed captioning quality.[518]
Some media organizations and competitors have criticized Netflix for selectively releasing ratings and viewer numbers of its original programming. The company has made claims boasting about viewership records without providing data to substantiate its successes or using problematic estimation methods.[519] In March 2020, some government agencies called for Netflix and other streamers to limit services due to increased broadband and energy consumption as use of the platform increased. In response, the company announced it would reduce bit rate across all streams in Europe, thus decreasing Netflix traffic on European networks by around 25 percent. These same steps were later taken in India.[520]
In May 2022, Netflix's shareholder Imperium Irrevocable Trust filed a lawsuit against the company for violating the U.S. securities laws.[521] In January 2024, a federal judge dismissed the suit, stating that shareholders failed to provide instances of Netflix lying about subscriber growth.[522]
In May 2023, Netflix officially banned the use of password sharing between individuals of different households, meaning sharing an account was only available to those living in the same house.[408][523] After reporting a record number of new subscribers in Q4 2024, Netflix raised prices in early 2025.[524]
See also
[edit]Notes
[edit]- ^ Hastings is often quoted saying that he decided to start Netflix after being fined $40 at a Blockbuster store for returning late a copy of Apollo 13, but Randolph later said that Hastings invented the anecdote. Blockbuster reportedly ordered Hastings in the mid-2000s to stop telling the story, after it could not find such a transaction in its records.[13][15]
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- ^ Hyman, Vicki (January 12, 2014). "2014 Golden Globes: Robin Wright wins best actress for online-only 'House of Cards'". The Star-Ledger. Archived from the original on January 15, 2014.
- ^ Littleton, Cynthia (January 12, 2014). "Golden Globes: 'Brooklyn Nine Nine' Nabs Upset TV Comedy Wins". Variety. Archived from the original on January 16, 2014.
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- ^ Napoli, Jessica (February 4, 2021). "Netflix dominates Golden Globe awards with over 40 nominations". Fox Business.
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- ^ Littleton, Cynthia (July 17, 2024). "Emmy Nominations 2024 Scorecard: Netflix on Top, FX Makes History and Apple TV+ Packs a Punch". Variety. Retrieved August 8, 2024.
- ^ "'Emilia Pérez' scores most nominations with 13, followed by 10 each for 'The Brutalist,' 'Wicked.'". Gema. Retrieved February 14, 2025.
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- ^ Ford, Lily (September 15, 2025). "'Adolescence' Star Owen Cooper Makes Emmys History as Youngest-Ever Male Winner in Any Acting Category". The Hollywood Reporter. Retrieved October 5, 2025.
- ^ Cooper, Kelly-Leigh (June 29, 2018). "Queer Eye host backs Netflix subtitle change". BBC News. Retrieved July 8, 2019.
- ^ "Netflix execs say they'll finally start releasing viewership data soon". The Verge. April 17, 2019. Retrieved June 2, 2019.
- ^ "Netflix finds way to maintain streaming quality in India despite heavy traffic". Livemint. March 24, 2020. Retrieved May 17, 2023.
- ^ Cho, Winston (May 4, 2022). "Netflix Hit With Shareholder Lawsuit After Disclosing Subscriber Loss". The Hollywood Reporter.
- ^ Cho, Winston (January 8, 2024). "Netflix Staves Off Shareholder Lawsuit Over Subscriber Losses Tied to Account-Sharing Disclosures". The Hollywood Reporter. Retrieved July 29, 2024.
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- ^ Restrepo, Manuela López (January 22, 2025). "Netflix raises monthly fees after a record jump in new subscribers". npr. Retrieved February 17, 2025.
Further reading
[edit]- Hastings, Reed (2020). No Rules Rules: Netflix and the Culture of Reinvention. Penguin Press. ISBN 978-1-984877-86-4.
- McDonald, Kevin; Smith-Rowsey, Daniel (2016). The Netflix Effect: Technology and Entertainment in the 21st Century (1st ed.). Bloomsbury Academic & Professional. ISBN 978-1-5013-0944-1.
External links
[edit]
Netflix ID (P1874) (see uses)
Netflix
View on GrokipediaHistory
Founding and DVD-by-Mail Era (1997–2006)
Netflix was founded on August 29, 1997, in Scotts Valley, California, by software entrepreneurs Reed Hastings and Marc Randolph, who had previously collaborated at Pure Software.[6][7] The concept originated from Hastings' frustration with a $40 late fee charged by Blockbuster for returning the VHS tape of Apollo 13, prompting him to envision a rental service without such penalties.[7][8] To validate the idea, the founders tested mailing a DVD to themselves, confirming that discs could arrive intact via the U.S. Postal Service, which underpinned the core logistics of their DVD-by-mail model.[1] The company launched its public website and DVD rental service on April 14, 1998, initially offering around 925 titles selected online with home delivery in red-branded envelopes.[9] Early operations emphasized convenience over traditional store visits, allowing customers to maintain a rental queue and receive discs sequentially without due dates or late fees, though pay-per-rental pricing limited initial adoption.[10] In September 1999, Netflix pivoted to a subscription-based model charging a flat monthly fee—starting at $15.95 for unlimited rentals of up to four DVDs at a time—which eliminated per-disc costs and fueled customer retention by aligning incentives with frequent use.[7] Facing financial pressures during the dot-com era, Netflix offered to sell itself to Blockbuster in September 2000 for $50 million, a proposal rejected by the incumbent video rental giant, which underestimated the threat of mail-order disruption to its store-based model.[11][12] The company went public via an initial public offering on May 23, 2002, selling 5.5 million shares at $15 each to raise capital for expansion, with co-founder Marc Randolph departing shortly thereafter.[13][14] Subscriber growth accelerated with the rising popularity of DVDs: from approximately 400,000 in 2001 to 1.41 million by 2003, 2.48 million in 2004, 4.2 million in 2005, and over 6.3 million by the end of 2006, supported by investments in distribution centers, recommendation algorithms like Cinematch (launched 2000), and marketing emphasizing hassle-free access.[15][8][16] In 2006, Netflix announced the Netflix Prize, a $1 million contest to improve its recommendation engine, highlighting its data-driven approach to personalization amid intensifying competition from Blockbuster's online service.[17] By this period's close, the DVD-by-mail segment generated steady revenue through high retention rates, positioning Netflix as a viable alternative to physical rentals despite ongoing losses from scaling infrastructure.[18]Pivot to Streaming and Early Digital Growth (2007–2012)
In January 2007, Netflix announced and launched its "Watch Now" streaming service, allowing subscribers to watch a limited selection of movies and TV shows directly on personal computers via the internet, marking the company's initial pivot from physical DVD rentals to digital delivery.[19] The service began with approximately 1,000 titles available, streamed in standard definition without downloads, and was offered at no extra cost to existing subscribers as an unlimited add-on to encourage adoption amid rising broadband penetration.[20] This move anticipated the decline of physical media, with Netflix investing over $40 million that year in infrastructure to support progressive download streaming, which buffered content in seconds rather than requiring full file transfers.[20] By the end of 2007, total subscribers stood at around 7 million, up from 6.3 million earlier in the year, with streaming hours watched growing rapidly as device compatibility expanded beyond PCs to early integrations like Microsoft's Xbox 360 in 2007 and Sony's PlayStation 3 in 2008.[21] Netflix subscriber base expanded to 23 million by late 2011, a 283% increase from 2007 levels, driven largely by streaming's convenience despite initial limitations in content library and quality.[18] To broaden access, Netflix forged partnerships with consumer electronics manufacturers, including Roku (initially a Netflix-funded project launched in 2008), LG and Sony TVs in 2010, and Apple devices, embedding apps that enabled living room streaming and positioning Netflix as a pioneer in over-the-top video delivery.[22] In July 2011, Netflix raised prices by 60% for its combined DVD-streaming plan to $15.98 monthly and announced plans to split services into separate Netflix streaming and Qwikster DVD brands, aiming to streamline operations and subsidize streaming growth with DVD revenues.[23] The decision sparked significant customer backlash, with separate queues, billing, and websites for each service, leading to confusion and perceptions of reduced value; Netflix lost 800,000 U.S. subscribers in the third quarter of 2011 alone, its first quarterly decline, and stock value plummeted over 75% from summer peaks. This sell-off highlighted investor concerns regarding the sustainability of subscriber growth amid rising content acquisition costs and doubts about Netflix's long-term ability to outspend competitors on content while achieving profitability.[24][25] CEO Reed Hastings later described the Qwikster rollout as Netflix's "biggest mistake," citing poor communication and underestimation of customer attachment to the unified brand, though the price increase persisted after reversing the split in October 2011.[26] By 2012, streaming had overtaken DVD rentals in viewing hours and revenue contribution, solidifying the pivot as Netflix recovered to 27 million domestic subscribers and expanded content licensing deals to bolster its digital catalog.[18]Rise of Original Content and Domestic Dominance (2013–2016)
Netflix initiated its strategy of producing original scripted content in 2013 with the release of House of Cards on February 1, marking the first major television series distributed exclusively via streaming with all 13 episodes available simultaneously.[27] The production, a remake of the British series starring Kevin Spacey and directed by David Fincher, represented a $100 million investment aimed at differentiating Netflix from competitors reliant on licensed programming.[28] This data-informed decision leveraged Netflix's analytics on viewer preferences for Fincher's films, Spacey's performances, and the original UK series to justify the all-in commitment without a traditional pilot.[29] While critically acclaimed, the series' direct effect on subscriber additions was described as "gentle," contributing to steady rather than explosive domestic growth amid broader market penetration.[30] The push into originals extended to additional series in 2013, including Orange Is the New Black, Arrested Development (season 4 revival), and Hemlock Grove, establishing a pipeline that prioritized exclusive, bingeable content to boost retention and reduce licensing costs.[31] This approach aligned with Netflix's recognition that viewer data indicated preferences for uninterrupted viewing, influencing the full-season drop model.[32] By 2016, originals had become central to the platform's identity, with investments scaling to support a diverse slate encompassing dramas, comedies, and documentaries, though they initially comprised a small fraction of the catalog.[33] Domestically, this content strategy fueled subscriber expansion in the United States and Canada, where the base grew from approximately 33 million paid streaming households at the end of 2013 to over 50 million by mid-2016, reflecting Netflix's consolidation as the preeminent streaming service amid cord-cutting trends.[34] Revenue from domestic streaming operations more than doubled between 2012 and 2016, underscoring market dominance as Netflix captured a significant share of U.S. video consumption, with originals enhancing brand loyalty and reducing churn compared to commoditized licensed fare.[35] Total global subscribers, heavily weighted toward North America during this period, rose from 44.4 million in 2013 to 93.8 million by year-end 2016, enabling aggressive content spending that prioritized proprietary IP over expiring licensing deals.[36] This era solidified Netflix's position as a content creator rivaling traditional studios, though early originals like House of Cards demonstrated that critical success did not always translate to immediate mass subscriber surges, highlighting the strategy's long-term focus on engagement metrics over short-term acquisition spikes.[37]Global Expansion and International Productions (2017–2020)
Netflix shifted its growth strategy toward international markets between 2017 and 2020, as U.S. subscriber additions slowed amid market maturity, with the company adding nearly 94 million paid memberships overall during the period, the majority from regions outside the United States and Canada. By the end of 2017, Netflix reported 99 million global subscribers, rising to 124 million in 2018, 152 million in 2019, and 193 million in 2020, with international additions outpacing domestic by factors of over 5:1 in some quarters due to lower penetration rates and tailored marketing.[34] This expansion capitalized on prior availability in over 190 countries established in 2016, focusing instead on deepening penetration through localized pricing, dubbing/subtitling in multiple languages, and partnerships with telecoms for bundled offerings in emerging markets like Southeast Asia and Latin America.[38] A core driver was heavy investment in original international content, which Netflix viewed as essential for cultural relevance and retention in diverse markets, committing approximately $6 billion to content in 2017 and scaling to $15 billion by 2020, with a growing share allocated to non-U.S. productions to meet local tastes and regulatory demands. Notable releases included the German series Dark in November 2017, which explored time travel and family mysteries, attracting audiences across Europe and beyond through its atmospheric storytelling. The Spanish heist drama Money Heist (originally aired on Antena 3 but globally distributed by Netflix starting December 2017) achieved breakout success, with subsequent parts drawing tens of millions of viewers worldwide and topping charts in over 100 countries by 2019, demonstrating how data-informed acquisition and promotion could transform regional hits into universal phenomena.[39] In Asia, the Indian crime thriller Sacred Games premiered in July 2018 as Netflix's first major Hindi-language original, garnering praise for its gritty adaptation of Vikram Chandra's novel and boosting sign-ups in India amid competition from local platforms.[40] Further efforts included region-specific deals, such as a November 2017 announcement for Colombia's first Netflix original series and a 2019 commitment of over $400 million to Indian productions over three years to counter regulatory scrutiny on foreign content dominance. European successes like the Spanish teen drama Elite (2018) and Korean historical horror Kingdom (2019) further validated the approach, with non-English titles comprising over 50% of viewing hours in some international territories by 2020. These investments not only drove engagement—evidenced by international regions contributing 83% of 2020's 37 million net additions—but also mitigated churn by fostering loyalty through culturally resonant narratives.[41][42] Challenges persisted, including regulatory pressures like the European Union's 2018 Audiovisual Media Services Directive mandating at least 30% European content on streaming platforms, which compelled Netflix to ramp up local commissioning in countries like France and Germany to avoid quotas or fines. In markets such as India, content censorship and data localization rules required collaborations with domestic studios, while exclusion from China due to great-firewall restrictions limited Asia-Pacific upside. Despite these, international revenue overtook U.S. totals by 2019, comprising about 55% of overall earnings by 2020, underscoring the efficacy of content localization in sustaining growth amid rising global competition from Disney+ and regional players.[40][43]Diversification into Gaming, Ads, and Live Events (2021–Present)
In November 2021, Netflix initiated its entry into mobile gaming by releasing titles such as Stranger Things spin-offs and Knives Out adaptations exclusively for subscribers at no extra charge, positioning games as a retention tool integrated into its app ecosystem.[44] This move aimed to extend viewer engagement beyond passive video consumption, with early efforts focusing on narrative-driven experiences tied to Netflix's original IP. By 2023, the company acquired studios like Night School and formed partnerships for broader development, investing in cloud gaming infrastructure to support cross-device play.[45] However, by July 2025, Netflix pivoted its strategy toward licensed content and defined four core pillars—narrative games, multiplayer party games, children's titles, and mainstream hits—while shuttering internal studios like Boss Fight Entertainment to streamline costs amid slower-than-expected adoption.[46] [47] In October 2025, it announced TV-centric party games, such as those using phones as controllers in titles like Lego Party, signaling a shift from mobile-only to interactive living-room experiences.[48] Despite these advancements, gaming revenue remained marginal relative to streaming, with critics noting high development expenses and challenges competing against specialized platforms.[49] [50] To address maturing subscriber growth, Netflix launched its first ad-supported tier, "Basic with Ads," on November 3, 2022, initially in select markets including the United States at $6.99 monthly, featuring limited ads and standard-definition streaming.[51] [52] The plan expanded globally, reaching 40 million monthly active users by May 2024 and surging to 70 million by November 2024, accounting for over half of new sign-ups in some quarters.[53] [54] Ad revenue accelerated in 2025, with Q3 marking the company's strongest quarter yet and projections for year-over-year doubling, supported by programmatic sales and new formats like binge ads introduced in early 2024.[55] Netflix began rolling out in-house ad technology globally throughout 2025 to enhance targeting and measurement, reducing reliance on third-party platforms while maintaining ad loads below four minutes per hour.[56] This tier's success stemmed from its affordability amid price hikes on ad-free plans, though it faced initial hurdles in advertiser demand and content exclusions for major titles.[57] Netflix ventured into live events to capture real-time viewership and differentiate from on-demand rivals, starting with high-profile sports and entertainment deals. In January 2024, it secured a 10-year agreement to exclusively stream WWE Raw weekly on Monday nights beginning in 2025 internationally, with U.S. rights following later, including premium live events accessible via partnerships like ESPN in certain markets.[58] [59] Earlier, the November 2024 Mike Tyson vs. Jake Paul boxing match drew scrutiny for streaming glitches, including widespread outages, buffering, and suboptimal video quality, raising concerns among prospective audiences for future NFL and WWE broadcasts.[60] Netflix also streamed NFL Christmas Day games in December 2024 and select boxing matches, bundling live content across all subscription tiers to boost engagement without added fees.[61] These initiatives, while expanding Netflix's appeal to sports fans, highlighted infrastructure strains, as evidenced by user-reported issues with Raw streams like blurriness and frame drops in mid-2025.[62] By late 2025, live programming formed part of a broader interactivity push, linking events to gaming and IP extensions for sustained viewer loyalty.[63] On December 5, 2025, Netflix announced a proposed agreement to acquire Warner Bros. studios and streaming assets from Warner Bros. Discovery, following the planned spin-off of its Discovery Global business, for a total enterprise value of $82.7 billion (equity value of approximately $72 billion).[64] As of February 2026, the proposed acquisition faced investor scrutiny, regulatory hurdles, and competition from an enhanced counter-bid by Paramount Skydance, which included coverage of Netflix's breakup fees.[65] [66] Netflix's stock exhibited volatility, trading around $76-77 mid-month after declines to lows near $75, amid concerns over debt, AI integration, and acquisition risks, though some analysts viewed it as oversold with price targets of 120.[67] [68] Should the acquisition proceed, it would position Netflix to enhance its content production, studio infrastructure, and streaming portfolio, extending its diversification strategy beyond gaming, advertising, and live events.Corporate Governance and Leadership
Founders, CEOs, and Key Executives
Netflix was co-founded in 1997 by Marc Randolph and Reed Hastings in Scotts Valley, California, initially as a DVD rental-by-mail service.[1] Randolph, who served as the company's first CEO from its inception until 1999, focused on developing the core business model inspired by Hastings' frustration with late fees at video rental stores.[69] [70] Hastings, a software entrepreneur with prior experience at Pure Software, assumed the CEO role in 1999 and led the company for 25 years, overseeing the pivot to streaming in 2007 and global expansion.[71] In July 2020, Hastings transitioned to co-CEO alongside Ted Sarandos, Netflix's long-serving content chief who joined in 1999 and built the licensing and original production strategies.[72] On January 19, 2023, Hastings stepped down from the co-CEO position to become executive chairman, with Sarandos and Greg Peters—previously chief product officer—named co-CEOs to split oversight between content and product/technology operations.[73] Sarandos, based in Los Angeles, continues to lead content acquisition and production, while Peters, in Los Gatos, focuses on engineering, product, and corporate functions.[74] Other key executives include Spencer Neumann, chief financial officer since 2019, responsible for financial strategy and investor relations; Bela Bajaria, chief content officer reporting to Sarandos, overseeing unscripted and international content; and Sergio Ezama, chief talent officer managing human resources.[1] [75] This leadership structure emphasizes specialized roles amid Netflix's diversification into advertising, gaming, and live events.[76]Board Structure and Major Decisions
Netflix's board of directors comprises 13 members as of April 2025, with Reed Hastings serving as chairman and a majority classified as independent directors under stock exchange listing standards.[77] The board emphasizes transparency through practices such as directors attending executive team meetings and receiving narrative memos on company operations, enabling deeper involvement in strategic oversight beyond quarterly sessions.[78] Independent directors include figures like Jay Hoag, who also serves as lead independent director, coordinating board agendas and facilitating communication with management.[79] The board operates through three standing committees: the Audit Committee, chaired by Ann Mather and including Richard Barton and Ellie Mertz, which oversees financial reporting, internal controls, and external audits; the Compensation Committee, chaired by Leslie Kilgore with Mathias Döpfner and Anne Sweeney, responsible for executive pay structures and incentive alignment; and the Nominating and Governance Committee, chaired by Jay Hoag with Strive Masiyiwa, Susan Rice, and Brad Smith, handling director nominations, governance policies, and annual independence assessments.[79] These committees meet regularly to review risks, performance metrics, and compliance, reflecting a governance framework updated in July 2025 to reinforce director qualifications and board refreshment.[80] Among major board-approved decisions, the transition to a co-CEO model occurred on January 19, 2023, when Reed Hastings relinquished his co-CEO role—held alongside Ted Sarandos since 2020—to become executive chairman, with Greg Peters elevated to co-CEO alongside Sarandos to lead product and technology strategy amid subscriber growth pressures.[73] The board also endorsed the 2022 introduction of an ad-supported subscription tier, launched in November after internal testing, to diversify revenue as password-sharing crackdowns reduced freeloader estimates by millions of accounts.[81] In March 2022, the board supported suspending operations in Russia following its invasion of Ukraine, resulting in approximately 700,000 subscriber losses but aligning with geopolitical risk assessments.[82] These actions underscore the board's focus on long-term adaptability, though shareholder votes have occasionally highlighted attendance concerns, as in a 2022 case where a director resigned after low participation.[83]Recent Leadership Changes and Co-CEO Model
In January 2023, Netflix founder Reed Hastings stepped down as co-CEO after serving in the role since the company's inception, transitioning to executive chairman to focus on long-term strategy and external board roles.[73][84] Greg Peters, previously chief operating officer and chief product officer since 2017, was appointed co-CEO alongside Ted Sarandos, who had joined Hastings in the dual CEO structure in July 2020.[85][73] This shift marked the culmination of a deliberate succession plan announced in 2020, aimed at distributing leadership responsibilities amid Netflix's growth into a global entertainment conglomerate with over 260 million subscribers by late 2024.[86] The co-CEO model at Netflix divides executive duties based on complementary expertise: Ted Sarandos oversees content creation, acquisition, and programming, leveraging his 25-year tenure in building the company's original productions slate, while Greg Peters manages product development, technology infrastructure, and operational efficiency, drawing from his background in engineering and international expansion.[1][87] This structure, which Hastings and Sarandos pioneered in 2020 to address the company's increasing complexity in streaming, advertising, and live events, has enabled faster decision-making without a single point of failure, as evidenced by Netflix's stock performance rising over 50% in the year following the 2023 transition.[88][89] Critics of dual leadership models cite potential for divided authority, but Netflix executives have reported minimal overlap through defined lanes and regular alignment meetings, contrasting with failed co-CEO experiments at other firms.[90][86] No further executive-level changes to the co-CEO arrangement occurred through 2025, with both Sarandos and Peters receiving substantial compensation increases—Sarandos to $50.4 million and Peters to $46.2 million for 2024 performance—reflecting board confidence in the model's efficacy amid competitive pressures from Disney and Amazon.[91][92] The stability has supported strategic initiatives like ad-tier growth, which accounted for 40% of new sign-ups in key markets by mid-2025, underscoring the division of labor's role in operational agility.[93]Technology and Infrastructure
Content Delivery and Encoding
Netflix employs Open Connect, its proprietary content delivery network (CDN), to distribute video content efficiently to subscribers worldwide. Launched in 2012, Open Connect deploys specialized appliances, known as Open Connect Appliances (OCAs), within Internet Service Provider (ISP) networks and at Internet Exchange Points (IXPs) to cache and serve popular titles locally, minimizing latency and transit costs.[94][95] This approach routes the majority of Netflix's traffic—approximately 90% as of 2016, with subsequent optimizations likely increasing this figure—directly from ISP peering points rather than public internet backbones, enhancing playback reliability and quality of experience (QoE).[96] Open Connect classifies cache misses and optimizes delivery through techniques like predictive prefetching and traffic localization, ensuring high availability even during peak usage.[97] By partnering with ISPs for free hardware deployment in exchange for localized peering, Netflix avoids traditional CDN fees and reduces upstream bandwidth demands, a model that scales to handle over 200 million global subscribers.[98] For encoding, Netflix utilizes per-title optimization, tailoring compression parameters to each video's content characteristics rather than uniform settings, which improves bitrate efficiency by up to 20-30% compared to fixed ladders.[99] It supports multiple codecs including H.264/AVC for broad compatibility, H.265/HEVC for higher efficiency in supported devices, VP9 for web browsers, and AV1 for royalty-free compression gains of 30-50% over predecessors, particularly in standard dynamic range (SDR) streams.[100][101] AV1 adoption began in 2022 for Android devices and expanded to TVs, with average bitrates reduced by nearly 50% versus H.264 at equivalent perceptual quality, measured via Netflix's Video Multimethod Assessment Fusion (VMAF) metric.[99][102] Adaptive bitrate streaming (ABR) dynamically selects from multiple resolution-bitrate variants (e.g., 480p to 4K) based on real-time network conditions, using protocols like Dynamic Adaptive Streaming over HTTP (DASH).[100] For live events, encoders produce simultaneous AVC and HEVC outputs to balance compatibility and efficiency.[103] These practices prioritize perceptual quality over raw metrics, with ongoing research into dynamic optimizer tools that adjust encodes post-production for bandwidth savings without viewer-noticeable degradation.[99]Recommendation Algorithms and Personalization
Netflix's recommendation system employs a hybrid approach combining collaborative filtering, content-based filtering, and contextual bandits to generate personalized suggestions for users. Collaborative filtering analyzes viewing patterns across its user base to identify similarities between members, predicting preferences based on collective behavior rather than explicit ratings. Content-based methods leverage metadata such as genre, director, and actor attributes to match titles to individual tastes, while contextual elements incorporate real-time factors like time of day or device type. This multi-model architecture powers features including homepage row ordering, top picks, search results, and the "Continue Watching" row, which displays titles partially watched but not finished, with viewing progress saved upon playback; the system applies a low threshold to detect intentional starts, and eligibility or placement can vary slightly by device, app version, or title characteristics, informed by machine learning models considering recency, interaction patterns, and context. Algorithms update in near-real-time to reflect evolving user data.[104][105][106][107] The system extends personalization beyond title suggestions to visual elements, such as dynamically selecting artwork thumbnails that align with user affinities—for instance, emphasizing action scenes for thriller enthusiasts or character close-ups for drama fans—to boost click-through rates. Machine learning techniques, including deep neural networks and reinforcement learning, optimize these choices by evaluating engagement metrics like watch time and completion rates. Netflix's engineering teams consolidate multiple specialized models into scalable pipelines, handling billions of daily interactions across global users, with offline processing for model training and online serving for low-latency delivery. Innovations like interleaving experiments accelerate A/B testing of algorithm variants, ensuring iterative improvements without disrupting user experience.[108][109][110] Empirical data indicates the system's efficacy: approximately 80% of content watched on the platform originates from recommendations, driving sustained engagement and retention. This personalization correlates with reduced churn, as tailored suggestions increase session duration and content discovery, indirectly supporting revenue through higher subscription renewals. However, the opaque nature of these algorithms—lacking user-facing explanations for recommendation signals—has drawn scrutiny for potential biases in content promotion, though Netflix prioritizes long-term satisfaction models over short-term clicks to mitigate over-optimization risks. Ongoing advancements, such as foundation models introduced in early 2025, aim to unify disparate recommendation components for enhanced scalability and accuracy.[111][112][104]Platform Compatibility and User Interface Evolution
Netflix delivers content via devices equipped with an internet connection and the Netflix application or a compatible web browser, encompassing categories such as smart televisions, streaming media players, video game consoles, mobile phones and tablets, and personal computers.[113] Smart televisions from brands including Samsung, LG, and Sony remain supported if they include the app and meet software thresholds, though models produced prior to 2015 largely ceased compatibility by 2025 due to outdated operating systems impeding security updates and performance optimizations.[113] Streaming players like Roku, Apple TV, and Amazon Fire TV devices are compatible, with the exception of first-generation Fire TV Sticks, which lost Netflix access starting June 2, 2025, as part of efforts to retire legacy hardware.[114] Video game consoles such as Sony PlayStation, Microsoft Xbox, and Nintendo Switch support the app, including the Xbox Series X model where, as of late 2024, there are no widespread or major current outages reported for Netflix, though occasional user-reported issues (e.g., app crashing, black screen, or sign-in problems) are typically resolved through standard troubleshooting: restarting the Xbox console, power cycling network equipment, reinstalling the Netflix app, checking for Xbox system updates, or verifying Netflix account status; with even the discontinued PlayStation 3 retaining functionality into 2025 despite slower load times.[113] Mobile compatibility extends to iOS devices running iPadOS 14 or later and Android smartphones and tablets via the dedicated app. Casting from mobile devices to smart televisions or streaming players can face common issues, including devices not connected to the same Wi-Fi network, outdated Netflix app or device firmware, improper setup or need for restart of casting devices like Chromecast or the TV, interference from VPN, proxy, or mobile data usage, and app permissions or compatibility limitations on certain phones or TVs. Troubleshooting steps generally involve verifying all devices are on the same network, updating the app and firmware, restarting the phone, TV, router, and casting device, disabling any VPN, and re-signing into the Netflix account.[115] On computers, Netflix requires Windows 10 or 11, macOS 10.15.5 or later, or Chrome OS 76 or above, accessed through browsers including Google Chrome 117 or newer for up to Full HD resolution, Microsoft Edge 118 or newer for potential Ultra HD on Windows, Mozilla Firefox 111 or newer, Apple Safari 14 or newer on macOS, and Opera 92 or newer.[115] These specifications ensure features like high-definition playback, with older systems like Windows 7 or 8 restricted to standard definition or unsupported entirely. Third-party Chrome extensions such as "Netflix - higher quality [QVI]", which forces 1080p playback, and "New Netflix 1080p", which unlocks 1080p with 5.1 audio and other features, can enhance Netflix video quality; general video enhancer extensions also improve contrast and sharpness.[116][117][115] The user interface began as a text-dominant web catalog for DVD rentals in 1997, centered on browsing titles, managing queues, and subscription handling. The 2007 introduction of streaming prompted integration of embedded video players and landscape imagery on landing pages, transitioning from rental-focused layouts to preview-driven designs by 2008.[118] Into the 2010s, television applications adopted horizontal rows of thumbnail-based content recommendations, leveraging algorithmic personalization and extensive A/B testing of artwork to boost viewer engagement.[119] A 2021 update replaced static thumbnails with auto-playing video previews on scrolling to heighten immersion and retention.[119] The platform's most substantial television interface redesign since 2013 rolled out in May 2025, featuring a persistent top navigation menu for profile switching and search, a "My Netflix" hub consolidating viewing history and tailored suggestions, and dynamic real-time recommendation refreshes to streamline content discovery amid vast libraries.[120] [121] This iteration, extended to devices like Apple TV by August 2025, emphasized a cleaner aesthetic and shortcut accessibility, though certain subscribers reported navigation difficulties and deemed it less efficient for quick selections. [122] Such modifications reflect ongoing adaptations to multi-device ecosystems and growing content volumes, balancing personalization with usability while discontinuing support for interfaces on obsolete hardware.[123]Content Production and Licensing
Original Series and Films
Netflix launched its original content initiative with the political thriller series House of Cards, releasing all 13 episodes of season 1 on February 1, 2013, which introduced the full-season drop model to facilitate binge-watching based on internal viewer data analysis.[124] This departure from traditional episodic releases aimed to disrupt linear television norms and secure exclusive hits unavailable on rival platforms.[125] The pivot to originals accelerated subscriber growth and cultural impact, with data-driven decisions guiding investments in diverse genres. Netflix tracks content popularity via its official global Top 10 lists, which update weekly on Tuesdays reflecting viewership metrics from the prior Monday to Sunday.[126] Key series successes include Stranger Things season 4, which amassed 140.7 million views, and Wednesday season 1, the most-watched English-language series at 252.1 million views.[127] Non-English hits like Squid Game season 1 achieved 265.2 million views and 1.65 billion viewing hours in its first 28 days, establishing records for global engagement and demonstrating the value of international productions.[128][129] These titles not only drove retention but also earned critical acclaim, with multiple Emmy wins for series such as The Crown.[125] In film production, Netflix expanded aggressively, releasing Roma in 2018, which secured three Academy Awards, including Best Foreign Language Film—the first for a streaming-exclusive release—and elevated the platform's prestige in awards circuits.[130] Follow-up efforts like Martin Scorsese's The Irishman (2019) and Noah Baumbach's Marriage Story (2019) garnered 10 and 6 Oscar nominations respectively, underscoring Netflix's growing influence despite debates over theatrical viability.[131] By 2024, originals constituted the bulk of high-demand content, comprising 9.6% of TV demand share, though the company has refined its strategy toward fewer, higher-budget projects amid escalating costs and competition.[132][133] In January 2026, under the #WhatNext campaign, Netflix released a teaser video announcing its upcoming slate of original series and films, including returns of major series such as Bridgerton season 4 and One Piece season 2.[134] As of early 2026, Netflix's preview of its 2026 programming slate omitted several anticipated new seasons, indicating that series including Wednesday, Ginny & Georgia, Untamed, Ransom Canyon, Forever, Supacell, Dept. Q, Bet, Geek Girl, Heartbreak High, and Everybody’s Live With John Mulaney are not expected to return until 2027 due to extended production timelines.[135]Licensing Agreements and Third-Party Content
Netflix licenses a substantial portion of its content library from third-party studios and distributors, including theatrical films, television series, and animated features, to complement its original productions. These agreements typically grant region-specific streaming rights for fixed terms, often on a pay-one basis where Netflix secures exclusive U.S. windows post-theatrical or broadcast release. For instance, Netflix maintains expensive exclusive pay-one deals for Sony Pictures' theatrical films and Universal Pictures' animated movies from studios like DreamWorks Animation and Illumination, which bolster viewer demand but expose the platform to content churn as competitors reclaim rights, contributing to a relatively smaller library compared to peak years through losses of licensed titles to rivals like Disney+ and Max since 2019, which raised renewal costs, alongside a strategic emphasis on originals with annual budgets around $18 billion for IP control and exclusivity, and data-driven removal of low-engagement titles.[136][137][138] Despite ongoing curation, the U.S. library exceeded 7,000 titles by late 2024.[139] In October 2024, Netflix renewed its U.S. licensing agreement with Universal Filmed Entertainment Group, extending access to animated films including titles from Illumination and DreamWorks Animation, ensuring continued availability of family-oriented hits like the Despicable Me and Shrek franchises. Similarly, deals with Sony include licensing of older titles from its library alongside recent theatrical releases, reflecting a strategic pivot announced in early 2024 toward reembracing third-party content after years of prioritizing originals to mitigate rising production costs and rights expirations. This resurgence in licensing has increased the proportion of non-original movies, which accounted for 75% of Netflix's U.S. movie catalog as of mid-2024, even as originals comprised nearly 60% of the overall U.S. library by year-end.[140][141][136][139] However, licensing remains vulnerable to competitive pressures, as studios like Disney and Warner Bros. have curtailed deals to prioritize their own platforms, leading to the loss of popular titles such as Marvel and Star Wars series by 2022. Netflix's content spending, projected at $18 billion for 2025, is expected to allocate 53.5% to acquisitions and licensing versus 46.5% to originals, signaling a data-driven balance where licensed hits drive short-term engagement while originals foster long-term subscriber retention. This approach, informed by viewer demand analytics, counters the dilution of library appeal from expiring licenses but risks escalating costs amid industry consolidation.[142][143][144]Gaming, Interactive Media, and Live Programming
Netflix launched its gaming offerings on November 2, 2021, with an initial lineup of mobile games integrated into its subscription service, allowing subscribers unlimited access without advertisements, extra fees, or in-app purchases.[145] [146] By early 2025, the library expanded to approximately 140 titles, including adaptations of Netflix original IP such as Stranger Things and licensed games like Hades and Monument Valley, alongside independent titles like Bloons TD 6 and Dead Cells.[147] [148] The strategy emphasized subscriber retention through evergreen content tied to streaming hits, though Netflix abandoned pursuits of high-budget AAA titles in favor of lower-risk licensed and IP-based games.[149] In mid-2025, Netflix announced plans to remove over 20 games from its catalog, including exclusives like SpongeBob: Bubble Pop FUN, as part of a strategic pivot toward TV-based interactive experiences, such as party games using mobile phones as controllers (e.g., Lego Party).[150] [151] [48] Co-CEO Greg Peters indicated increased investment in gaming during the Q2 2025 earnings call, positioning it as a long-term complement to streaming despite uneven engagement metrics and a shift away from ambitious original development.[152] Interactive media on Netflix remains limited, with the flagship example being the 2018 release of Black Mirror: Bandersnatch, an adult-oriented choose-your-own-adventure film featuring over 50 viewer decisions leading to multiple endings, produced using tools like Twine for branching narratives.[153] [154] This interactive special, centered on a programmer adapting a fantasy novel into a game, marked Netflix's initial foray into non-linear storytelling for mature audiences, though subsequent efforts focused primarily on children's content, such as interactive episodes of Carmen Sandiego.[155] Netflix expressed intentions to expand interactive formats following Bandersnatch's reception, but production has been sparse, with some titles facing removal by 2025 amid technical complexities in playback and user choice tracking.[156] Live programming emerged as a growth area starting in 2021, beginning with unscripted events like comedy specials and festivals, evolving to include major sports and wrestling by 2024–2025.[157] Key milestones include the November 2024 livestream of the Jake Paul vs. Mike Tyson boxing match, Netflix's first major live sports event, followed by exclusive NFL Christmas Day games in 2024 and a multi-year deal for WWE's Raw starting January 2025 in select regions.[158] [159] These initiatives, accessible across all subscription tiers, aim to boost real-time viewership and advertiser appeal, supported by backend advancements in live streaming architecture developed since 2022, including real-time recommendations.[160] [161] [162] Despite technical readiness concerns, Netflix's live push signals a cable-like emulation to diversify beyond on-demand content.[163]Business Model and Operations
Netflix's value proposition centers on on-demand streaming of a vast library of movies, TV shows, and exclusive original content; personalized recommendations via algorithms; ad-free viewing with an optional lower-cost ad-supported tier; multi-device access across TV, mobile, and other platforms; and a convenient "watch anywhere, cancel anytime" model that enables a high-quality, binge-watch-enabled experience. The company serves a broad global audience of individuals and families across all ages, micro-segmented into approximately 2,000 taste clusters based on viewing behavior; geographically segmented into regions including US/Canada, EMEA, LATAM, and APAC; and targeted by usage patterns such as device, location, and habits. As of mid-2024, Netflix had approximately 278 million paid subscribers worldwide. Primary revenue streams consist of monthly subscription fees from tiered plans, supplemented by the emerging ad-supported tier and minor contributions from content licensing and product placement. Netflix does not publicly disclose revenue estimates per individual movie title, as its primary revenue comes from subscriptions and ads, not direct per-view or per-title payments; views help drive subscriber retention and acquisition but are not monetized per title. No reliable per-title revenue figures exist publicly; instead, analysts provide aggregate metrics, such as Netflix earning about 40 cents per hour viewed overall in 2024. Some reports attribute revenue shares to categories (e.g., movies vs. TV series) based on contribution to subscriber behavior.[164][165]Subscription Tiers and Pricing Strategy
Netflix provides tiered subscription plans that offer unlimited viewing across all tiers, differentiated primarily by the presence of ads, video quality (Standard with Ads and Standard plans up to 1080p Full HD; Premium up to 4K Ultra HD with HDR), number of simultaneous streams (2 or 4 devices), download limits (2 or 6 devices), and additional features such as spatial audio.[166] As of February 2026, Netflix's 4K streaming tier in the US is the Premium plan, priced at $24.99 per month. It offers unlimited ad-free movies, TV shows, and games; streaming on 4 supported devices at a time; 4K (Ultra HD) + HDR video quality; spatial audio; and downloads on 6 supported devices. Lower tiers (Standard with ads at $7.99 and Standard at $17.99) are limited to 1080p (Full HD). Users can check or upgrade plans at netflix.com/ChangePlan.[166] All subscriptions are billed monthly, with no official annual plan or prepaid yearly discount available directly from Netflix. Netflix's membership fees are non-refundable, including for partial months or lack of use, with no automatic refunds for user errors or accidental charges. However, refunds may be processed on a case-by-case basis for unauthorized or fraudulent charges, or Netflix billing errors such as double billing or charges after cancellation. Users are advised to contact Netflix support for specific cases.[167][166][168] These prices reflect a January 2025 increase across all tiers: the ad-supported option rose from $6.99, Standard from $15.49, and Premium from $22.99.[169][170] The company has eliminated its lower Basic plan in the U.S., which previously offered SD streaming at a reduced rate, to streamline options and push users toward higher-value tiers.[171] Pricing varies internationally due to local market conditions, currency fluctuations, and content licensing costs, with plans often adjusted regionally—for instance, higher rates in wealthier markets like Canada and lower introductory offers in emerging regions; in the Netherlands as of November 2025 following a price increase, the Basic plan costs €9.99 per month (720p HD, 1 simultaneous stream, 1 download device, ad-free), Standard €15.99 (1080p Full HD, 2 streams, 2 downloads, ad-free), and Premium €20.99 (4K Ultra HD + HDR, 4 streams, 6 downloads, spatial audio, ad-free), with no ad-supported tier available and extra memberships outside the household at €4.99 per month (maximum 1 for Standard, 2 for Premium); in France as of February 2026, following the April 2025 increase, the Standard with ads plan costs €7.99 per month (1080p, 2 simultaneous screens, with ads), Standard €14.99 (1080p, 2 screens, ad-free), and Premium €21.99 (4K + HDR, 4 screens, ad-free), with monthly billing and no commitment; in Japan as of February 2026, the Standard with Ads plan costs 890 JPY per month (pre-tax, ad-supported, 1080p, 2 devices), Standard 1,590 JPY (ad-free, 1080p, 2 devices), and Premium 2,290 JPY (ad-free, 4K + HDR, 4 devices), unchanged from the previous year with no announced increases in 2026.[172][173][174] In Costa Rica, Netflix announced a price increase effective March 7, 2026, raising prices by $1 per month (before taxes) for the Basic plan and $2 for Standard and Premium plans, with subscribers notified via the platform; this constitutes a regional adjustment and not a global increase.[175][176] In Argentina, Netflix accepts Mercado Pago as a payment method, allowing users to fund their Mercado Pago accounts using CVU or alias for bank transfers to pay for subscriptions.[177] Netflix's pricing history features recurrent hikes, with increases in 2014 (Standard from $7.99 to $8.99), 2017 (to $10.99), 2019 (to $12.99), 2020, 2022, and 2025, resulting in the Standard plan rising approximately 94% since 2011.[178][179] This strategy emphasizes value-based pricing, where tiers correspond to enhanced user experiences funded by original content investments exceeding $17 billion annually, justifying premiums for ad-free access and superior resolution.[180] The 2022 introduction of the ad-supported tier at $6.99 (pre-hike) targeted price-sensitive consumers, achieving rapid adoption with over 94 million monthly active users by mid-2025, comprising more than half of new sign-ups in supported markets.[57][181] Ad revenue supplements subscriptions, diversifying income amid subscriber saturation, though critics note hikes occur despite record profits, potentially risking churn in a competitive landscape with rivals like Disney+ and Amazon Prime Video offering bundled or lower-cost alternatives.[171][182]| Tier | Monthly Price (USD, Feb 2026) | Streams | Quality | Ads | Key Features |
|---|---|---|---|---|---|
| Standard with Ads | $7.99 | 2 | Up to 1080p Full HD | Yes | Limited content availability |
| Standard | $17.99 | 2 | Up to 1080p Full HD | No | Downloads, extra members |
| Premium | $24.99 | 4 | Up to 4K Ultra HD + HDR | No | Spatial audio, more downloads |
Advertising Tier Introduction and Password Sharing Policies
Netflix introduced an advertising-supported subscription tier, branded as Basic with Ads, on November 3, 2022, in the United States, Australia, Brazil, Canada, France, Germany, Italy, Japan, Mexico, South Korea, Spain, and the United Kingdom, priced at $6.99 per month.[185][186] This plan offers standard-definition streaming for up to two simultaneous screens, with most but not all content available due to licensing restrictions, and includes advertisements totaling approximately 4 to 5 minutes per hour of viewing time.[187][188] The tier was positioned as an entry-level option to attract price-sensitive consumers amid subscriber stagnation and competition from ad-supported services like Disney+ and Hulu, while generating new advertising revenue streams projected to reach nearly $4 billion annually by the mid-2020s.[189] Adoption of the tier accelerated post-launch, with Netflix reporting over 91 million monthly active users by the first quarter of 2025 and 94 million global subscribers on ad-supported plans by May 2025, representing a 70% year-over-year increase from late 2023.[190][191] This growth contributed to higher overall engagement among lower-income households, with ad-tier subscribers showing 34% lacking traditional pay-TV subscriptions by mid-2025, up from 28% in 2023, indicating appeal to cord-cutters.[192] Advertising revenue from the tier exceeded $500 million in 2023, supporting Netflix's diversification beyond pure subscription models.[189] In parallel, Netflix implemented policies to restrict password sharing outside designated households, initially announcing enforcement in March 2022 to address estimated revenue leakage from non-paying users, which had contributed to flat subscriber growth in prior years.[193] The company defined a household by primary IP address, device IDs, and activity patterns, allowing sharing only among cohabitants.[194] Testing began in Latin America in early 2023, followed by paid extra-member options in countries like Spain, Canada, New Zealand, and Portugal in April 2023, where users outside the household could be added for an additional fee. The Extra Member feature enables the account owner to purchase additional slots for individuals outside the household, inviting them via email or text link. Extra members receive their own login, password, and profile. Limitations include restriction to the same country, streaming on one device at a time, downloads limited to one device, with Standard plans allowing one extra member and Premium up to two.[195][196] Full rollout to the United States and over 100 other markets occurred on May 23, 2023, with notifications sent to accounts detected sharing externally, prompting users to either link devices to the primary household or subscribe to paid sharing at $7.99 per extra member per month.[197][198] This enforcement, delayed from an initial March 2023 target to June, resulted in nearly 6 million net paid subscriber additions in the second quarter of 2023 alone, validating the policy's role in converting sharers to paying users despite initial backlash.[199][196] By mid-2024, the measures had driven sustained membership gains, with single-day sign-up peaks during enforcement phases.[200]Cost Management, Layoffs, and Supply Chain
In response to its first subscriber losses in over a decade during the first quarter of 2022, Netflix implemented cost-cutting measures, including layoffs totaling approximately 450 employees across two rounds in May and June 2022, representing about 5% of its workforce of around 11,000 at the time.[201][202][203] The May cuts affected roughly 150 positions, primarily in the United States, while the June reductions eliminated 300 roles, many in ancillary functions like talent relations and post-production support.[204][205] These actions followed smaller earlier reductions, such as 25 marketing staff in April 2022, aimed at addressing slowing revenue growth and adapting to a maturing market.[202] Netflix's broader cost management has centered on optimizing its largest expense category: content acquisition and production, which accounted for over 50% of total expenses in recent years, with $17 billion spent in 2023 and $18 billion projected for 2025.[206][138] Strategies include prioritizing high-impact original content while leveraging lower-cost licensed and long-tail programming to serve lighter users, thereby balancing subscriber retention with fiscal restraint amid pricing adjustments and ad-tier introductions.[207][208] Operational efficiencies, such as cloud infrastructure optimization with Amazon Web Services—where monthly costs reached an estimated $9.6 million by 2019—have supported scalable encoding and delivery without proportional expense growth.[209] Netflix's supply chain operations emphasize a digital model for content production, licensing, and global distribution, shifting from physical DVD logistics to streamlined streaming pipelines reliant on third-party cloud providers and international production networks.[210][211] This involves stabilizing vendor partnerships for content encoding, data centers, and localized production—spanning over 500 originals across 45 markets by 2025—to ensure reliability and low-latency delivery to 280 million subscribers, while minimizing disruptions through predictive analytics and diversified sourcing.[212][213] Post-2022 efficiencies have further integrated data-driven forecasting to align production pipelines with demand, reducing overcommitment risks in a competitive landscape.[214]Financial Performance
Revenue Streams and Growth Metrics
Netflix's primary revenue stream consists of subscription fees from its paid membership plans, which have historically accounted for nearly all of its income. In 2024, subscription revenue dominated, with the company generating $39 billion in total revenue, primarily from over 280 million global paid memberships.[34][215] The introduction of an advertising-supported tier in 2022 has begun to diversify streams, contributing a growing but still minor portion through ad sales; management reported record ad sales in Q3 2025, with plans to more than double ad revenue for the full year compared to 2024.[216][217] Advertising revenue remains supplementary, bolstered by doubled U.S. upfront commitments and increasing adoption of the ad tier, which attracts over 55% of new subscribers in some markets due to lower pricing.[190][217] Revenue is segmented geographically, with North America (U.S. and Canada) as the largest contributor at $17.3 billion in 2024, followed by Europe, Middle East, and Africa (EMEA), Latin America, and Asia-Pacific.[34] Average revenue per user (ARPU) varies by region, reaching $17.17 monthly in the U.S. and Canada—its highest—while global ARPU stands at approximately $16.64, reflecting pricing strategies and market maturity differences.[34][218] Growth metrics demonstrate steady expansion, with annual revenue rising 15.7% to $39 billion in 2024 from the prior year.[34] For the trailing twelve months ending September 30, 2025, revenue reached $43.38 billion, a 15.41% year-over-year increase.[219] Quarterly performance accelerated in Q3 2025, with revenue of $11.5 billion, up 17% from Q3 2024, driven by membership additions, price hikes, and ad uptake.[220] Full-year 2025 projections forecast $45.1 billion, implying 16% growth over 2024.[221] Since 2025, Netflix has shifted emphasis from quarterly subscriber reporting to revenue and engagement metrics, correlating growth to paid membership trends and ARPU uplift.[222]| Year | Revenue ($B) | YoY Growth (%) |
|---|---|---|
| 2023 | 33.7 | - |
| 2024 | 39.0 | 15.7 |
| 2025 (proj.) | 45.1 | 16.0 |
Profitability, Margins, and Subscriber Trends
Netflix transitioned to consistent profitability in the early 2020s after periods of net losses driven by aggressive content investments exceeding $17 billion annually in prior years. By 2024, the company reported net income of $8.7 billion on revenue of $39.0 billion, marking a 61% increase in net income from the prior year.[223][224] This profitability stemmed from scaling subscriber revenue against relatively fixed content amortization costs and operational efficiencies, including reduced reliance on third-party licensing.[34] Operating margins expanded notably, reflecting improved cost discipline and revenue diversification via advertising. In Q2 2025, operating margin reached 34.1% on $3.8 billion in operating income, surpassing long-term targets of 20-25% articulated in earlier shareholder letters. Year-to-date through Q3 2025, margins stood at 31.4%, with a slight quarterly dip attributed to seasonal content spending but offset by 17% revenue growth to $11.51 billion in Q3.[225][226] Free cash flow projections for 2025 reached $8 billion, enabling debt reduction and share repurchases.[190] Paid subscriber trends exhibited volatility tied to market saturation and policy shifts. Following a rare net loss of 200,000 subscribers in Q1 2022 amid post-pandemic slowdowns and competition, growth resumed with annual net additions of 29.5 million in 2023, fueled by password-sharing crackdowns converting informal users to paid accounts. This momentum carried into 2024 with record quarterly adds in some periods, pushing total memberships above 280 million by year-end. Growth persisted into 2025, with net additions of approximately 10.9 million in the first half and 9.33 million in Q3, culminating in 325 million paid memberships worldwide as of Q4 2025.[3] This growth was supported by hits like the Squid Game finale and ad-tier uptake exceeding 50% of new sign-ups in select markets.[34][227][228]| Fiscal Year | Revenue ($B) | Net Income ($B) | Operating Margin (%) | Net Subscriber Adds (M) |
|---|---|---|---|---|
| 2022 | 31.6 | 4.5 | ~20 | 9.8 |
| 2023 | 33.7 | 5.4 | 22 | 29.5 |
| 2024 | 39.0 | 8.7 | 28 | ~20 |
| 2025 (proj.) | 44.8-45.2 | N/A | 29 | N/A |
Stock Performance and Investor Relations
Netflix went public on May 29, 2002, at an initial public offering price of $15 per share, raising approximately $67.7 million to fund its DVD-by-mail rental business amid the dot-com recovery.[232] The stock experienced volatility tied to the company's pivot from physical rentals to streaming, with shares surging over 10,000% cumulatively from IPO through 2021 due to subscriber growth and content investments, though punctuated by sharp declines such as a 75% drop in 2011 following price hikes and Qwikster rebranding failure.[233] Netflix executed two stock splits: a 2-for-1 split on February 12, 2004, and a 7-for-1 split on July 15, 2015, aimed at broadening retail investor access as share prices rose.[234] The company has never paid dividends, prioritizing reinvestment in content and technology over shareholder payouts to sustain long-term growth.[235] As of October 24, 2025, Netflix's closing stock price stood at $1,093.55, reflecting a year-to-date gain of approximately 50% from early 2025 levels, driven by robust subscriber additions, advertising tier expansion, and live events like NFL games.[236] The 52-week high reached $1,341.15, with an all-time closing high of $1,339.13 on June 30, 2025, amid optimism over profitability improvements and market share gains against competitors. However, following this peak, shares declined approximately 30% by early 2026, partly attributed to investor concerns over a proposed acquisition of Warner Bros. Discovery, with debates on buying the dip ahead of the January 20 earnings report. In February 2026, the stock remained volatile, closing at $75.61 on February 17 (down $1.26 or 1.65% from the previous close of $76.87), with an opening price of $76.71, high of $77.87, low of $75.30, and trading volume of 10,818,821 shares; analysts viewed it as oversold with upside potential, setting targets of $110-$120 despite concerns over debt, AI, and acquisition risks.[236][237][238][238] Market capitalization hovered around $470 billion, underscoring investor confidence in Netflix's shift toward higher-margin revenue streams, though shares remain sensitive to quarterly subscriber metrics and content spending efficiency.[239] Netflix's investor relations emphasize transparency through quarterly earnings releases, webcasts, and an dedicated IR website (ir.netflix.net), which provides financial statements, historical stock data, and investment calculators without traditional shareholder perks like dividends.[240] The company outlines core financial goals of sustaining revenue growth, expanding operating margins to around 25-30%, and increasing free cash flow, communicated via top investor questions and earnings interviews.[241] Investor events include annual shareholder meetings and targeted presentations, focusing on strategic updates rather than buybacks or dividends, aligning with a growth-oriented model that has delivered compounded annual returns exceeding 30% since IPO for long-term holders.[242][232]Global Reach and Market Challenges
Expansion into Key Regions
Netflix began its international expansion on September 14, 2010, with a launch in Canada, selected for its cultural and geographic proximity to the United States, where it quickly amassed 1 million subscribers within a year, equivalent to approximately 3% of the national population.[40] This entry served as a low-risk pilot for streaming operations outside the U.S., enabling rapid testing of infrastructure and user acquisition amid growing broadband penetration.[243] In September 2011, Netflix extended services to 43 countries across Latin America and the Caribbean, prioritizing the region due to high piracy rates, increasing internet access, and a demographic skew toward younger consumers receptive to on-demand video.[40] By 2025, Latin America accounted for 42.47 million paid subscribers, representing a key growth driver despite economic volatility and competition from local platforms, with paid memberships increasing 4.1% year-over-year in Q1 2023 alone.[218][244] The region's contribution to revenue remained modest at around 12% in 2024, underscoring Netflix's focus on volume over immediate profitability in emerging markets.[245] Expansion into Europe commenced in January 2012 with launches in the United Kingdom and Ireland, followed by the Netherlands, Belgium, and the Nordic countries (Denmark, Finland, Norway, Sweden) by September of that year, targeting mature pay-TV markets with strong digital adoption.[40] Further rollouts included France, Germany, and Switzerland in 2014, building to over 50 European countries by 2015.[38] Europe, the Middle East, and Africa (EMEA) emerged as Netflix's largest subscriber base, reaching 93.9 million paid users by early 2023, driven by localized content investments and bundling with telecom providers to navigate regulatory and competitive barriers.[34] In the Asia-Pacific region, Netflix entered more cautiously, launching in Australia and New Zealand in March 2015, Japan in September 2015, and India in January 2016, with its Asia-Pacific headquarters located in Singapore, amid diverse linguistic, cultural, and infrastructural challenges that necessitated heavy emphasis on dubbing, subtitles, and region-specific originals.[243][246][247] By 2025, APAC held 40.55 million subscribers, reflecting slower penetration due to fragmented markets, mobile-first consumption patterns, and rivals like iQiyi in China (where Netflix remains absent), but bolstered by hits tailored for markets like South Korea and India.[218] A pivotal acceleration occurred in January 2016, when Netflix announced availability in 130 additional countries, reaching approximately 190 nations worldwide (excluding China, Syria, North Korea, and Crimea due to sanctions or restrictions), shifting from phased entries to a "waterfall" strategy prioritizing speed over perfection in content libraries.[38] This global push, completed within seven years from its pre-2010 U.S.-only footprint, elevated international subscribers above domestic ones by 2016, with non-U.S. markets comprising the majority of the company's 301.6 million global paid users as of August 2025.[227][38]Regulatory Hurdles and Localization Efforts
Netflix has encountered significant regulatory obstacles in various jurisdictions, primarily stemming from national content quotas, censorship requirements, and fiscal policies aimed at protecting local industries. In the European Union, the Audiovisual Media Services (AVMS) Directive mandates that video-on-demand platforms allocate at least 30% of their catalogs to European works, a rule Netflix has met or exceeded in nearly all major European markets as of 2022.[248] In France, a 2021 decree further requires streaming services to invest 20-25% of their domestic revenues in local audiovisual content production.[249] These measures seek to level the playing field against domestic broadcasters but impose costs on global platforms, prompting Netflix to criticize them as potentially limiting viewer choice.[250] Beyond quotas, censorship demands have forced content alterations or removals. In India, since 2019, Hindu-nationalist pressures and government oversight have led Netflix to self-censor series like Sacred Games, implement voluntary codes, and cease global streaming of uncut Indian films to align with local obscenity standards.[251][252] In 2023, Indian authorities directed platforms including Netflix to pre-review content for obscenity and violence, amid broader rules subjecting OTT services to state regulation.[253][254] Southeast Asian markets, such as Indonesia, have similarly required edits to global hits like Squid Game to comply with moral and cultural sensitivities.[255] Tax and data privacy enforcements add further layers of scrutiny. French and Dutch authorities raided Netflix offices in November 2024 as part of a tax fraud investigation covering 2019-2021, focusing on the company's use of Dutch subsidiaries for revenue routing, which resulted in under €1 million in French corporate taxes despite millions of subscribers.[256][257] Separately, the Dutch Data Protection Authority fined Netflix €4.75 million in 2021 for insufficient GDPR transparency regarding personalized recommendations.[258] To mitigate these hurdles and foster market penetration, Netflix has pursued extensive localization, investing heavily in region-specific originals that satisfy quotas while appealing to local audiences. The company produces content with local creators, dubs and subtitles in native languages, and tailors narratives to cultural contexts, as seen in its $500 million annual commitment to Korean productions alone. Netflix's content libraries vary by region due to licensing, regulatory, and curation factors, often resulting in smaller selections in markets like the United States compared to others such as Iceland.[259] In unavailable regions like China, users may use VPNs to access other regional libraries, which generally provide fewer localized options; however, Netflix determines user regions primarily via IP address geolocation and detects VPN or proxy connections to enforce licensing restrictions, which can trigger access errors or blocks.[260][261][262][263][264] Such efforts have correlated with subscriber growth in quota-bound regions like Europe, where local investments exceed mandated thresholds, and in emerging markets where customized programming circumvents some geo-restrictions.[265][266] To further engage fans and stimulate local economies through tourism, Netflix launched "Netflix in Your Neighborhood" in 2021, an interactive website and initiative primarily focused on Canada but expanded to regions like New Mexico. It provides interactive maps for discovering filming locations by title or province, covering sites for shows including The Umbrella Academy in Ontario and Virgin River in British Columbia, alongside themed experiences such as highlighted local eateries like the Lakeview Restaurant in Toronto, nearby tourist destinations, production spotlights, and details on local events like premiere screenings and fan meet-and-greets.[267] However, these adaptations sometimes dilute global content uniformity, reflecting trade-offs between regulatory compliance and creative consistency.[268]Competition and Market Share Dynamics
Netflix maintains a dominant position in the global subscription video-on-demand (SVoD) market, with approximately 301.6 million paid subscribers as of 2025, surpassing key competitors such as Amazon Prime Video's estimated 200 million and Disney+'s 127.8 million.[269] This lead stems from Netflix's early-mover advantage in scaling original content production and international expansion, though competitors have eroded its relative dominance through bundled offerings and targeted acquisitions.[270] In the U.S., where market saturation is higher, Netflix holds about 21% of SVoD market share, trailing Amazon Prime Video's 22% but ahead of Max at 13% and Disney+ at 12%.[227][271] Competition intensified post-2019 with the launches of Disney+ and other studio-backed services, which leveraged exclusive franchises like Marvel and Star Wars to capture family-oriented audiences, prompting Netflix to diversify into live events and sports rights to retain engagement.[272] Amazon Prime Video benefits from its integration with e-commerce perks, achieving higher penetration in households already subscribed for shopping, while Disney+ has pursued bundling with Hulu and ESPN+ to combat churn.[270] Globally, Netflix commands an 8.3% share of total television viewing time as of June 2025, amid streaming's overall 46% penetration, but faces regional pressures from local players like Tencent Video in Asia with 117 million subscribers.[273][269] Market dynamics reflect subscriber fatigue and pricing sensitivity, with U.S. SVoD household penetration contracting 1% to 96% in Q2 2025, driving platforms toward ad-supported tiers and crackdowns on account sharing—Netflix added millions via the latter in 2023-2024 but ceased quarterly subscriber reporting in early 2025 to emphasize engagement metrics.[274][275] Competitors like Warner Bros. Discovery's Max and Paramount+ have similarly introduced ads, while bundling deals, such as Verizon's packages including Netflix, fragment loyalty and compress standalone pricing power.[276] Netflix's Q3 2025 revenue of $11.5 billion underscores sustained growth, yet operating margins face strain from content spend exceeding $17 billion annually, necessitating efficiencies amid rivals' content licensing shifts.[276]| Platform | Global Subscribers (2025 est.) | U.S. SVoD Share |
|---|---|---|
| Netflix | 301.6 million | 21% |
| Amazon Prime Video | 200 million | 22% |
| Disney+ | 127.8 million | 12% |
| Max (HBO) | 125.7 million | 13% |