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People certainly know Netflix as a platform for streaming television series and even movies, but did you know that the company started their business as a DVD rental platform, and that business is still around today?
Netflix has recently made a number of announcements, such as showing their number of active subscribers and also plans to first suspend their password sharing barrier.
Another announcement made is that they will also end their DVD rental business after 25 years in business. It will close on September 27th, where they will no longer send out DVDs. However, they will still accept returns of rented DVDs until the end of October this month.
Netflix has been operating since 2007, but what is unique about this DVD rental business is that the company still recorded 2.15 million active users in 2019, and last year recorded a profit of $145 million which is still a business that can be said to still be yet very healthy.
With the closure of the DVD rental business, Netflix is seen to be focusing 100 percent of their workforce on further developing their streaming platform, most likely with brand new features.