Netflix spearheaded a streaming revolution
that changed the way we watch TV and films.
As cable TV lost subscribers Netflix gained them.
Netflix first invaded US living rooms with video streaming
in 2007.
But it would take six more years before it made a big splash
with its own shows.
The company paid $100m for two seasons of political thriller
House of Cards.
It put Netflix on the map with both audiences and Hollywood.
The company now spends more than 70
per cent of revenues on content.
But this has led to its long-term debt growing
considerably.
Netflix projects it will spend $3.5bn more than it will
generate in cash in 2019.
Meanwhile, rival streaming services
such as Hulu, Amazon, and Apple have become more aggressive
in acquiring content.
And after years of false starts, Apple
is planning to launch its own streaming service in November,
as is Disney.
This has cast doubt over whether Netflix is as invincible
as it previously seemed.
The California-based company added 6.8m subscribers globally
for the third quarter.
This was below its guidance of 7m.
It also follows a worrying second quarter.
The company lost 126,000 subscribers in the US.
This was the first drop in its core market since 2011.
Netflix is currently valued at $120bn.
Wall Street is now seeking evidence
as to whether this quarterly miss was a blip or a trend.