On May 22, 2002, Netflix became a publicly listed company through an initial public offering, entering the Wall Street fray at $15 per share. As of press time, Netflix shares are trading at over $330, less than half of their peak value in late 2021. Early in its career, Netflix also knocked at the doors of Blockbuster with an acquisition offer worth $50 million, but CEO John Antioco rejected it, claiming that “the dot-com hysteria is completely overblown.”
In 2011, Netflix announced plans to spin off its DVD rental business into a separate company called Qwiskter, while the streaming division would retain the main branding. Just few weeks later, Netflix made a reversal. The real course-altering pivot already happened in 2007, when Netflix began streaming, starting with a video-on-demand service with an initial catalog of around 1,000 titles. The rest, as they say, is history.
After breakout hits like “House of Cards,” Netflix turned its attention to original programming and forever changed the course of television. Awards started piling in, and the company doubled down on producing original movies. A pivot to branded gaming content soon followed, and soon after the TikTok boom, a dedicated feed of Netflix snippets was also served. Amidst all the success and heating competition, Netflix started to feel the sting of password sharing (which it once loved), and like clockwork, gouged the subscription price and also imposed limits on account sharing.
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