Netflix: How a $40 Late Fee Revolutionized Television

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Netflix is an American entertainment company founded on August 29, 1997, in Scotts Valley, California, by Reed Hastings and Marc Randolph. In 1998, about a year after Netflix's founding, the company grew by starting in the DVD by mail business. In 2007, Netflix expanded its business with the introduction of streaming media, while retaining the DVD and Blu-ray rental service.

Netflix entered the content-production industry in 2013, debuting its first series, House of Cards. It has greatly expanded the production of both film and television series since then, offering "Netflix Original" content through its online library of films and television.

Netflix released an estimated 126 original series or films in 2016, more than any other network or cable channel. In January 2017, Netflix reported having over 93 million subscribers worldwide, including more than 49 million in the United States.

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