Perhaps no company in recent memory has been as revolutionary at altering its industry's landscape as Netflix Inc. (NASDAQ: NFLX). Once limited largely to cable TV service, movie rentals and VCR recordings, Netflix has helped transform the entertainment landscape to a 24/7 on-demand, internet-streamed, enormous library of content. Netflix is available in 190 countries and boasts over 125 million customers worldwide.

On March 28, 2018, Netflix announced that it appointed Susan Rice, former U.N. Ambassador, to its board of directors. On June 19, GBH Insights raised its price target from $400 to $500 for Netflix shares.

While most people are no doubt familiar with Netflix and its vast array of viewing choices, here are a few facts that many may not know.

Netflix was Founded as a Result of a Blockbuster Late Fee — and Still Has DVD Subscribers

Netflix CEO Reed Hastings came up with the idea after getting socked with a late fee for a movie rental at Blockbuster. Hastings was inspired to create a service devoid of late fees and used the money he received from the buyout of another software company to fund the venture. Netflix launched its first DVD rental service in 1998 and still has about 4 million subscribers.

(Related: Netflix Stock Thrives After Correction, Sets New Highs)

Netflix Was Originally Called Kibble

The Netflix management team originally had some trouble coming up with a permanent name for the business. In its early days, Netflix co-founder Marc Randolph decided to call the company Kibble. It was the name that Randolph decided to use for test sites and legal documents but was not a name he wanted to use on a permanent basis. After several iterations and test names, Hastings and Randolph agreed on naming their business Netflix, and the rest is history.

The company also had some branding issues when they attempted to split their DVD segment from their streaming segment as Quikster. The public famously hated the new name and split, and Quikster vanished into history less than a month later. 

Blockbuster Turned Down Offer to Buy Netflix for $50 Million

This story is not so unknown that it is considered a secret, but it is a story that is thick in irony. The company that inspired the creation of Netflix had a chance to buy Netflix outright in 2000 for the price tag of $50 million. Hastings envisioned an agreement where Netflix would act as the online complement to Blockbuster's traditional brick and mortar model. Blockbuster turned down the offer.

Five years later, in 2005, Netflix was up to 4.5 million customers while Blockbuster was struggling to evolve in an internet economy. Blockbuster, which peaked in 2004 with almost 9,000 retail locations, began struggling and filed for bankruptcy in 2010. At the end of 2017, Blockbuster operated just 9 stores, and Netflix was worth more than $40 billion. As of July 2018, only one Blockbuster location remains open in Bend, Oregon. 

Netflix Streams Account for One-Third of All Internet Traffic

It is not surprising that Netflix is a bandwidth hog. What may be less known is the fact that in many areas of the world, Netflix is the biggest bandwidth hog. By some estimates, it accounts for roughly one-third of total internet traffic during peak usage periods.

$13 Billion Content

Netflix is expected to spend $13 billion creating original content in 2018, much higher than the initial $8 billion the company had targeted at the beginning of this year. To put that in perspective, that's nearly equivalent to the gross domestic product of Albania and more than the GDP of many countries like Madagascar. With this war chest the company is actively looking to focus less on licensing shows that they don't own. 

The Example Show

Netflix subscribers are likely familiar with the large library of original content that the company provides, including series such as "Orange Is the New Black" and "GLOW." However, the company was testing out video formats and capabilities long before any of those programs hit the streaming service. An 11-minute-long video titled "Example Show" was used by Netflix as a means of testing its ability to successfully stream high-definition content. The video can be easily found by searching "Example" in the search bar and trust us, it's a must watch; It's got juggling, moonwalking, model trains and a monologue from "Julius Caesar." 

140 Million Hours a Day

It is estimated the average Netflix subscriber streams about 90 minutes of content every day. Given the number of subscribers who stream content daily, over 1 billion hours of content are streamed per week. 

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