![]() ![]() ![]() Although the hardware needed to play DVDs was fairly expensive and owned by relatively few Americans, Hastings and Randolph thought the disc had the clear potential to replace bulkier, lower-resolution videotape as the consumer format of choice. The DVD format, which can store a high-quality copy of an entire feature film on a single five-inch disc, had been introduced in the spring of the year and less than a thousand titles were then available. Hastings, who supplied the firm's startup cash of $2.5 million, had reportedly hit upon the idea for rental-by-mail when he was forced to pay $40 in fines after returning an overdue videotape of the film Apollo 13. Randolph had previously helped found a computer mail order company called MicroWarehouse and then served as vice-president of marketing for Borland International, while one-time math teacher Hastings had founded Pure Software, which he had recently sold for $700 million. Netflix was founded in Scotts Valley, California, in August of 1997 by Reed Hastings and Marc Randolph, both veteran "new technology" entrepreneurs, to rent and sell DVDs over the Internet. More than a third of the publicly traded company is owned by Jay Hoag's Technology Crossover Ventures. To speed delivery, Netflix has opened more than 20 regional shipping centers around the United States, and most DVDs are received by customers a day or two after ordering them on the company's Web site. The company offers more than 15,000 titles and maintains an inventory of more than 5 million discs. The firm has more than 1.1 million subscribers who typically pay a monthly fee of $19.95 for unlimited rentals, provided they have no more than 3 discs out at one time. ![]() is the world's leading DVD (Digital Video Disc) rent-by-mail company. ![]()
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