Netflix is an online DVD streaming website, founded in 1997 by Reed Hastings. The company was originally started as a DVD mailing service, which allowed customers to order movies online or through the phone(limit of two movies per month) for a flat rate of $4.99/month and receive the discs in the mail. But since receiving and returning the movies through the mail is just as much work as going to a video rental store, Netflix didn’t manage to attract enough demand. 
In 2008, Hastings came up with a new idea to attract more customers; online movie streaming through PCs, Apple Macbooks, Playstation consoles, Microsoft Xboxs, and Nintendo Wii for only $8/month. This creative idea is now taking over the movie rental industry. Netflix customers can visit the company blog to find out about new movies added to the library as well as requesting new titles. Everyday more and more people are joining Netflix and more video rental stores are closing down. From a personal interview with a store manager of the Rogers video rental store in North Vancouver, which is closing in March 2011, I was told that the number of movie rentals from the store has been declining by large numbers.
In my opinion, the reason for the fast growth of Netflix is simply because many people have some sort of gaming console or have a way of connecting their computer to their TV to stream movies from the 100,000 title movie collection of Netflix for only 8 dollars a month. Netflix is currently generating a $1.67 billion revenue and has many potential future customers to join this new and easy way of renting movies.