Co-Chief Executive Officer Ted Sarandos stated, "Our objective has always been to give the greatest experience for our subscribers, but as the business continues to decline, that's going to become increasingly challenging.
Reed Hastings and Marc Randolph, the company's co-founders, came up with the idea, and for the tens of millions of users who received the red envelopes with the CDs in the mail, it became a ritual.
The DVD era saw the creation of some of the company's early original projects.
When the firm started its streaming service in 2007, it aided in the demise of Blockbuster Entertainment, the largest chain of DVD rental stores.
In March 1998, Beetlejuice, a beloved horror-comedy, was released on Netflix. More than 5.2 billion DVDs have been sent out since then.
The Blind Side, a sports drama starring Sandra Bullock, was its most well-known title.