When Netflix was founded, the Internet was young, DVDs were popular and no one considered watching a movie streamed online.

Twenty years later, Netflix’s transformation from an underdog DVD-by-mail service to Hollywood powerhouse — one that has redefined how TV and movies are produced and consumed — has been remarkable.



For the record: An earlier version of this story referred to $15.7 billion in short-term debt. That figure represents financial obligations related to streaming content. Netflix says this does not constitute short-term debt.

The global streaming giant today boasts some impressive stats: 104 million subscribers worldwide, up 25% from last year and almost quadruple from five years ago. Its series and movies account for more than a third of all prime-time download Internet traffic in North America. Its more than 50 original shows garnered 91 Emmy Award nominations this year, second only to premium cable service HBO.