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This story dates back to 1997, beginning with the failure of the highly popular Blockbuster. For those too young to remember, Blockbuster was a movie rental service with physical stores of DVDs all across the United States.
The general American tradition back then was you rent a movie on a Friday and then give it back on a Monday. Back in 1997, Blockbuster was a billion-dollar company with more than 6000 stores in the US alone, having revenue of 391 billion dollars.
But the problem was that 16% of that revenue came from late fees, which was annoying millions of its customers. One of the customers got fined an excessive amount of $40 in late fees. It annoyed him so much that he went on to start a company of his own.
This man was none other than Reed Hastings, and the company he founded is what we know as Netflix today.
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