A 2002 profile of unprofitable Netflix as it bet on a subscription model

Netflix profits when you're not watching, and its movies are designed that way—read a detail-rich critical essay exposing lesser-known Netflix takes

Netflix started in 1997 as a mail-order DVD rental service

The first Netflix customers selected DVDs from the company’s website and received and returned them through regular mail. The approach included no late fees and quickly added the ability to rent an unlimited number of DVDs for a flat monthly fee, with the company passing 1 million subscribers in 2003.

Netflix's original movies are intended to be in the background

Netflix's original content follows "taste clusters," those wildly specific tags for content, like "cerebral Southwestern murder mystery." The low-budget films and shows designed for these genre buckets are written with abundant exposition to remind casual viewers where they are in the story.

How Netflix battled Blockbuster

The most consequential business stories involve intense rivalries. The story of Netflix versus Blockbuster is one of those: an agile upstart versus an entrenched incumbent. This nine-part podcast explores the key strategies and pivotal moments in the rivalry that upended the entertainment business, setting the stage for the streaming wars.

HBO inspired Netflix and vice versa

Netflix’s pivot towards original, prestige content would not have been possible if HBO had not blazed that trail decades earlier. Ironically, HBO later used Netflix as a business model when reinventing itself as a streaming app.

The company's success is often credited to cofounder Reed Hastings

Hastings advocates management philosophies like radical candor, agility, and a hands-off approach to high-performing employees. He stepped down as CEO in 2023 but remains Netflix’s chairman.

Netflix's recommendation algorithm was born from a $1M competition

In 2006, Netflix launched an open competition for data science teams to develop approaches to outperform its recommendation algorithm. Three years later, the prize was awarded after a group of competitors merged, developing a solution that beat Netflix's internal algorithm by more than 10%. Today, recommendations are based on what users watch, particularly via bingeing.

The world's top streaming services (by subscriber count)

With almost 270 million paying users, Netflix is the dominant force in streaming entertainment. But after enjoying a first-mover advantage for years, competitors are beginning to catch up. Most notable is Amazon, which leverages its Prime subscriptions to bundle Prime Video, and has amassed an estimated 200 million users. See an updated tracker of the world's biggest platforms by audience.

The streamer no longer just offers TV and movies

As a means of keeping existing subscribers engaged, and to add new users on the margins, the streaming service began releasing its own original video games. Many are based on existing Netflix titles and franchises. See their current offerings here.

Bezos has frequently cited a 1999 article titled Amazon.bomb to illustrate how dire the early predictions about Amazon got

Over the years, Amazon founder Jeff Bezos often recalls how wrong the predictions in the 1999 Barron’s cover story were. Among other things, that article declared Amazon’s entire business model to be unsustainable and destined to fail, noting its lack of profit and dependence on a massive amount of capital to fund its growth.

Why content disappears from streaming services

The early days of streaming suggested we'd have access to all the world's content whenever we wanted. Those days are now long behind us, with streaming companies removing hundreds of movies and shows from their services, including titles they funded. This explainer from the Guardian argues that the reasons behind this shift are both financial and cultural.

Spotify took 18 years to reach profitability; 70% of revenue goes to rights-holders

The music streaming company lost revenue for years as it sought to grow, but once it went public, investors pushed the company to expand into podcasts, cut costs, and prefer passive mood listening via algorithmic curation to increase value. Users have mixed feelings about using it.

Dating apps adopted 'freemium' business models as the market became more saturated

As dating app user growth slowed and companies like Tinder saw increased competition from upstarts like Bumble and Hinge, the industry has pushed for subscription tier adoption due to pressure from investors for predictable profits and more.

Netflix has sometimes struggled with technical aspects of live-streaming

Anne Aaron, Netflix’s senior encoding tech director, spent a decade improving how Netflix streams its content. Then came the challenges of live events. Netflix has experimented with live content like stand-up comedy and sporting events. In this interview with The Verge, Aaron walks through the associated technical and coding challenges.

Reimagining YouTube as cable TV, complete with channel-surfing

The site streams YouTube content as if it were broadcast television, providing the ability to flip through channels and enter videos mid-stream, and you also can't easily skip ahead. The product is designed in part to bring back serendipity to video discovery.

SpaceX's S-1 or 'prospectus' revealed many previously unknown details about the company, including its unprofitability despite doing $18.7B in revenue in 2025, exactly how many voting shares Elon Musk will have in the company (roughly 85%), and more.

7 prominent investors rejected Airbnb in its early days

Airbnb is arguably known as one of the most successful startup stories of all time. But back in 2008, many prominent investors rejected their pitch when they went out to raise money—and Airbnb's founder still has the rejection emails to prove it.

Understanding TikTok-owner ByteDance's business model

ByteDance has ridden TikTok's major success to become the world's most valuable startup. This deep dive showcases some of the company's smartest moves and tactics, and where it's headed next.

SpaceX's S-1 or 'prospectus' revealed many previously unknown details about the company

Those revelations include the company's unprofitability despite doing $18.7B in revenue in 2025, exactly how many voting shares Elon Musk will have in the company (roughly 85%), and more.

The story of Klarna, founded in 2005 before BNPL was a category

Klarna was founded in 2005 in Sweden under the name Kreditor long before BNPL apps became commonplace. The podcast hosts interviewed founder and CEO Sebastian Siemiatkowski in 2024, where he shared the story of how he built the company.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

Peloton makes most of its money via monthly subscriptions

Peloton has two core revenue streams: the exercise equipment it sells and the company's monthly subscription that gives users access to its class library. More than half of Peloton's revenue comes from the company's core product, the monthly subscription. Its "Peloton App+" membership tier is $28.99 per month.

The history of Reddit, the front page of the internet

The hyperactive online forum and social media platform has transformed since 2006 from a simple link-sharing site to a behemoth in digital media. Topping off its ascendancy, Reddit went public on the New York Stock Exchange in 2024, solidifying its future amid a shifting technological climate. Dive into Reddit's nearly two decades of growth with this detailed timeline.

Evaluating film studio A24's cult status since achieving mainstream success

In its quick ascent to the upper echelons of cinema, A24 has achieved a rare place in pop culture of both cult status and financial success. One critic asks whether it can sustain such a position in this fascinating, quick piece.

WeWork, once a unicorn, declared bankruptcy in 2023

This podcast episode chronicles the complete rise and fall of WeWork—from its founding in 2010 to its eventual 2023 bankruptcy.

Walt Disney's 1957 corporate strategy document

From TV to music to amusement parks, Disney is widely regarded as one of the most successful American companies of all time. That's partly because Walt Disney was carefully building a corporate strategy from day one that accounted for the company's publications, merchandise licensing, comic strips, and more. See his 1957 corporate strategy document for yourself (spoiler alert, it's covered in Mickey Mouse illustrations).

The dot-com boom made Mark Cuban a billionaire

Cuban co-founded AudioNet with Todd Wagner in 1995 before it became Broadcast.com—a web app that allowed people to listen to sports commentary on their computers if they couldn't watch a game. In 1999, Yahoo bought Broadcast.com for $5.7B. By the time the market crashed, Cuban had already sold most of his stock in the company and had become a billionaire.

A Netflix documentary ignited an omakase sushi craze

Before 2012, edomae omakase was an expensive sushi experience that was not particularly popular in the US. That changed with “Jiro Dreams of Sushi,” a 2011 film about the 85-year-old owner of Sukiyabashi Jiro, an omakase restaurant with three Michelin stars, that earned rave reviews. Demand for omakase exploded, and restaurants responded by raising their prices.

A century of Billboard issues documenting the evolution of popular music.

Watch this video that uses Lego bricks to explain how venture capital works.

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

The distributor behind 'Rocky Horror' pulled the film from its scheduled national release, believing it would be a failure, though it eventually amassed a dedicated fanbase through midnight showings, a trend that continues over 50 years later.

A vending machine run with Anthropic's AI went out of business after it was convinced to give away items for free and sell a video game console.

Children are now three times more likely to say they want to be a YouTuber when they grow up than an astronaut, with some even attending 'YouTube camps' that teach kids how to create content for the platform.

Fast-casual restaurant Chili's is experiencing a resurgence, with its parent company recently reporting a nearly 32% increase in sales, thanks to passionate Gen Z fans on TikTok.

Walt Disney's early film 'Alice's Wonderland' was a groundbreaking innovation in the silent film era

Up to a million Girl Scouts sell about 200 million cookie boxes every spring, generating $800 million, largely because refusing a child is frowned upon

Sears sold DIY house kits starting at $600 in its famous catalog from 1908 through the 1940s, resulting in roughly 10,000 'Sears and Roebuck houses' being built.

Dozens of S&P 500 stocks, including Coca-Cola and Walmart—known as the dividend aristocrats—have increased dividends every year for 25 years

Budweiser stores yeast derived from the original 1800s strain in a secret bunker, which only the Head of Yeast Management can access—not even the CEO

A Yale student wrote a profound essay about the consulting industry's influence on elite college students that was published in a book of her writing after she died in a post-graduation car accident.

In 2009, the nation was gripped by the story of a missing young boy who was believed to be floating over Colorado in a homemade balloon, until it was revealed that he was at home the whole time.

Roughly 43 million US borrowers owe roughly $1.7T in student debt, the second-largest source of consumer debt behind mortgages.

'Shogun,' a 1980s TV series, helped popularize sushi in the US by stimulating an American interest in Japanese culture.

The most expensive ad of all time was for Chanel No. 5 perfume and cost roughly $33M to produce in 2004—about $57M in today's dollars.

Domino's Pizza's 30-minute delivery guarantee was responsible for the chain's 1980s surge, but it was discontinued after the company was found liable for delivery driver accidents.

Exploring the Larry Bird punch that almost changed March Madness

Sony set the standard for cylinder-shaped batteries when it repurposed manufacturing equipment used to make rolls of magnetic recording tape.

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

According to the physics of black holes, our 4D reality may be a hologram—a projection of information coded on a 2D surface on the edge of the universe.