Netflix has announced it's winding down the DVD rental service that launched the company in 1998. If you weren't aware they even did DVDs, you're not alone...
Netflix is winding down the DVD rental rental service that launched the company in 1998, the company has announced., Netflix co-CEO Ted Sarandos said: ‘Our goal has always been to provide the best service for our members but as the business continues to shrink that’s going to become increasingly difficult.’had 2.1million US subscribers, but it was reported that, by the end of 2022, revenue had dropped 50% to $100million.
‘Those iconic red envelopes changed the way people watched shows and movies at home – and they paved the way for the shift to streaming,’ said Mr Sarandos, adding that the DVD service had entered its ‘final season’. Netflix co-founder Marc Randolph described in his autobiography how he and co-founder Reed Hastings had flirted with the idea of challenging Blockbuster Video with mail-order VHS cassettes, but it would have cost too much. They instead landed on a more cost-effective proposition: DVDs sold and rented online.
It was a calculated risk that the nascent DVD player, which went on sale for the first time in the US in 1997, would catch on with the consumer. The service launched with fewer than 1,000 titles, according to Randolph’s account.
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