2007 was a vintage year for technology. While there has been plenty of coverage of the iPhone’s 10th anniversary, the same year also saw Netflix, best known then for renting DVDs by post, launch another novel product: online movie streaming. At the time, some Netflix investors fretted about the expected $40m cost of launching its streaming service during its first year.
A decade later, Netflix’s share price performance has far exceeded even Apple’s 700 per cent increase since 2007, with the internet TV group’s stock skyrocketing by more than 6,000 per cent in the same period. This week added another 15 per cent to those gains, after second-quarter results showed its total subscribers had reached 104m, shooting through Wall Street forecasts.
Netflix described the symbolic milestone of exceeding 100m members as “a good start”.
“We connect people with stories,” its recently redrawn mission statement says. “Someday, we hope to entertain everyone.”
— Financial Times (@FT) July 20, 2017