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Netflix developed and maintains an extensive personalized video-recommendation system based on ratings and reviews by its customers.
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Hastings, a dominant producer and board member for Netflix, retired in 2004. In 2005, 35,000 different film titles were available, and Netflix shipped 1 million DVDs out every day. After incurring substantial losses during its first few years, Netflix posted its first profit during fiscal year 2003, earning US$6.5 million profit on revenues of US$272 million. On June 14, 2002, the company sold an additional 825,000 shares of common stock at the same price. Netflix initiated an initial public offering (IPO) on May 29, 2002, selling 5.5 million shares of common stock at the price of US$15.00 per share. In 2000, Netflix offered acquisition to Blockbuster for $50 million the company declined however. Since that time, the company has built its reputation on the business model of flat-fee unlimited rentals without due dates, late fees, shipping and handling fees, or per title rental fees. Netflix introduced the monthly subscription concept in September 1999, and then dropped the single-rental model in early 2000. Membership fee, acquisition for Blockbuster, growth start
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Netflix was launched on Ap with only 30 employees and 925 works available through the pay-per-rent model: 50 ¢US-per-rental via mail, late fees applied. Netflix blossomed when Hastings forcibly paid $40 in fines after returning Apollo 13 well past deadline. Randolph initially had the idea to start a company that sold items over the Internet, but couldn't decide its objective. Hastings invested $2.5 million in startup cash for Netflix. Hastings, a former math teacher, had founded Pure Software, recently selling it for $700 million. Randolph was a co-founder of MicroWarehouse, a computer mail order company and was later employed by Borland International as vice president of marketing. Netflix was founded on Augin Scotts Valley, California by Marc Randolph and Reed Hastings, both former employees at Pure Software. Template:Further Founding and establishment File:Netflix headquarters.jpg
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In 2013, Netflix introduced itself into the film and television industry, with its first series being House of Cards, which debuted in the same year, greatly expanding into film in 2015, and now offers its "Netflix Original" content abroad its online library of films and television. In 2007, Netflix expanded their business with the introduction of streaming media, as well as retaining the DVD and Blu-Ray rental service, with streaming available to Canada in 2010 and as of 2016, now serves over 190 countries. In 1998, about a year after Netflix's founding, the company grew by starting in the DVD by mail business. It is currently headquartered in Los Gatos. It specializes and provides streaming media and video on demand both online and physically, and recently a film and television producer, as well as online distributor. (marketed and stylized as NETFLIX) is an American multinational entertainment company founded on Augin Scotts Valley, California by Reed Hastings and Marc Randolph.