Netflix
Case
Study
Final
December 10
φτυφ
This paper will examine the Netflix Company, analyze it, and
present my interpretation, and/or solution, supported by the line of
reasoning employed by the assumptions made. It is a
comprehensive written analysis that has an accompanying power
point.
MBU 619-01
Paula
Rollinger
Netflix Case Study Final
December 10, 2012
I. Netflix’s History, Company Objectives, Strategies and Overview.
Netflix is a global streaming business that offers DVDs by mail. “Netflix, Inc. was incorporated
in Delaware on August 29, 1997, and completed its initial public offering in May 2002. By 2007,
Netflix began streaming content over the Internet and is now the world’s largest Internet
subscription service to offer streaming movies and TV episodes over the Internet” (Radulovich,
2013). “Netflix’s core strategy is to grow a large subscription business consisting of streaming
and DVD-by-mail content” (Radulovich, 2013). Netflix is currently the world’s largest online
DVD movie rental service offering more than one million members access to more than 15,000
titles. They are also the world’s leading DVD (Digital Video Disc) rent-by-mail company and
they now have more than 1.1 million subscribers (International Directory of Company Histories,
2012). Some key dates for Netflix include:
 1997: NetFlix.com, Inc. is formed in California by Reed Hastings and Marc Randolph.
 1998: The company begins offering DVD rentals and sales.
 1999: Sales are halted; Group Arnault invests $30 million in the firm and a subscription
plan debuts.
 2000: Revenue sharing deals are signed with Warner Brothers and Columbia film
studios; CineMatch is introduced.
 2001: A partnership with Best Buy gives Netflix exposure in the chain's 1,800 stores.
 2002: The company goes public and changes its name to Netflix, Inc.
 2003: Subscribers top 1,000,000, and Netflix has its first profitable quarter (International
Directory of Company Histories, 2012).
Netflix has many advantages over the competition for the average consumer. People who
subscribe to the DVD-by-mail service always receive new releases the week they come out. They
also offer the “watch now” option; so, in addition to receiving 3 movies per week by mail, on the
website, you can watch an additional 9 movies each month. This is possible because, with the
watch now option in your subscription, you receive 1 hour of movie for every $1 you spend each
month. This means that with a $17.99 per month package, you get 18 hours of online movies. So,
for $17.99 you can watch 21 movies each month and that equates to approximately $0.85 per
movie (Brantley, Amy , 2007). If you decide to not take advantage of the watch now option, you
would still only be paying $1.49 per DVD to rent and watch. Some of the consumer
disadvantages include lag time in shipping when the DVD you select is not at the nearest Netflix
facility; unplayable DVDs; and if you like movies that aren’t really popular, you can experience a
very long wait to receive it from Netflix (Brantley, Amy , 2007).
Netflix main competitors are Blockbuster, Inc.; Wal-Mart Stores, Inc.; Hollywood
Entertainment Corp.; Amazon.com, Inc.; and Best Buy Co., Inc. (International Directory of
Company Histories, 2012).
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II. Current Core Strategy Statement and Proposed Vision and Mission
Statement
The company does not currently have a publically available vision or mission statement;
however, they do have a general strategy statement:
“Netflix’s core strategy is to grow a large subscription business consisting
of streaming and DVD-by-mail content. By combining streaming and DVD
as part of the Netflix subscription, we are able to offer subscribers a
uniquely compelling selection of movies for one low monthly price. We
believe this creates a competitive advantage as compared to a streaming
only subscription service. This advantage will diminish over time as more
content becomes available over the Internet from competing services, by
which time we expect to have further developed our other advantages
such as brand, distribution, and our proprietary merchandising platform.
Despite the growing popularity of Internet delivered content, we expect
that the standard definition DVD, along with its high definition successor,
Blu-ray (collectively referred to as “DVD”), will continue to be the primary
means by which a majority of Netflix subscribers view content for the
foreseeable future. However, at some point in the future, we expect that
Internet delivery of content to the home will surpass DVD as the primary
means by which most Netflix subscribers view content” (Radulovich,
2013).
Proposed Vision Statement:
To be the nation’s first choice in the delivery of entertainment content to the home by providing
innovative and customized solutions to our subscribers.
Proposed Mission Statement:
We aspire to make Netflix the nation’s premier choice in commercial-free streaming of TV
shows and movies; through strong ethical standards, company accountability and a genuine
sense of responsibility to our employees, we seek to provide healthy financial rewards for our
investors. We will lead the industry by acting with honesty, openness, fairness and integrity and
will strive to anticipate the needs of our patrons, in addition to making all efforts to exceed our
subscribers’ expectations.
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III. Identify Organization’s External Opportunities and Threats
Refer to Power Point Presentation.
IV. Competitive Profile Matrix
Revenue (periods)
2010
493.665
March
519.819
June
553.219
September
595.922
December
Note: Units in Millions of U.S. Dollars
Earnings per Share (periods)
March
June
September
December
Note: Units in U.S. Dollars
2011
718.553
788.61
821.839
875.575
2012
869.791
889.163
905.089
(Reuters, 2012).
2010
0.58917
0.8011
0.70399
0.86901
2011
1.11037
1.26535
1.15946
0.63558
2012
-0.08266
0.10563
0.13152
(Reuters, 2012).
Key Financial Ratios
Current Ratio
Quick Ratio
Leverage Ratio
Total Debt/Equity
Interest Coverage
(Reuters, 2012).
Netflix
1.67
-0.06
0.11
54.50
Blockbuster
1.00
0.4
0.44
4.40
--
Industry
0.70
0.9
0.33
0.45
3.38
Profitability Ratios
Gross Profit Margin
Pre-Tax Profit Margin
Net Profit Margin
Return on Equity
Return on Assets
Return on Invested Capital
(Reuters, 2012).
Netflix
33.30%
9.60%
6.10%
21.3%
13.1%
19.8%
Blockbuster
51.50%
(6.60%)
(7.10%)
(86.0%)
(15.3%)
(27.4%)
Industry
36.00%
(7.60%)
(11.50%)
10.8%
(13.0%)
2.9%
As a company, Netflix is going through some major changes to its business model but
management appears to be keeping its eye on the financial metrics. Content costs have risen
significantly over the past 2 ½ years, but they are in line with revenue (see power point
presentation) (Velauthapillai, 2012). Netflix has compelling exclusive content, an outstanding
member experience, and a brand that stands for high quality streaming entertainment. These
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strengths, combined with the industry-wide forces of improving Internet devices and
bandwidth, should rapidly fuel their growth around the world (Netflix Executives, 2012).
“Netflix also faces numerous competitors that are difficult to detect because they do not have
significant market share as of now, but may have a strategic edge on Netflix in the long run. This
transitional market landscape proves a challenge to Netflix because not only must they remain
competitive with “brick-and mortar” competitors in the DVD dominated market of today, but
they must also position themselves to remain competitive in future digital distribution markets”
(Carroll, Kwok, & Menenberg, 2009). Netflix’s profitability depends entirely on subscription
fees. The company must strive to increase their subscription base through marketing,
competitive pricing, customer service and a huge array of movie titles. They must also maintain
their current subscription base by reducing churn, which is the percentage of subscribers that
cancel their Netflix subscriptions each year. It is also vital that Netflix stay on top of emerging
industry innovations and technologies which may serve to undercut their current business. In
the long term, Netflix will need to successfully bridge the transition from physical DVD content
to digital content distribution (Carroll, Kwok, & Menenberg, 2009).
V. Construct an External Factor Evaluation (EFE) Matrix
OPPORTUNITIES
Weight
Rating
Weighted
Score
Global Expansion
.06
3
.18
New Licensing Agreements
.08
3
.24
Multiple Marketing Channels
.07
3
.21
Digital Distribution
.09
4
.36
Superior Service
.08
4
.32
Partnerships and Profit Sharing
.08
3
.24
Current Season Shows Streaming Rights
.09
3
.27
Subscription Growth Potential
.08
4
.32
TOTAL:
_______
___________
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THREATS
Weight
Rating
Weighted
Score
DVD Rental Outlets
.03
1
.03
Pay-Preview & VOD cable providers
0.12
4
.48
Studio Power
.03
2
.06
Telecommunication Providers (AT & T/Verizon)
.06
2
.12
Online DVD Subscription Rentals
.03
2
.06
Retails (Best Buy, Wal-Mart, & Amazon)
.04
2
.08
Intensely Competitive Market
.06
3
.18
TOTAL:
1.0
3.15
VI. Identify the Organization’s Internal Strengths & Weaknesses
Refer to Power Point Presentation.
VII. Construct an Internal Factor Evaluation (IFE) Matrix
OPPORTUNITIES
Weight
Rating
Weighted
Score
Expanding Subscription Base
.15
3
.45
Building Brand Loyalty
.09
3
.27
Maintaining Low Subscriber Acquisition Costs
.05
3
.15
Vast Market Penetration Potential
.09
2
.18
Value-Added Services
.02
2
.04
Customized Video Recommendation Service
.02
3
.06
User Friendly Web Interface
.01
3
.03
Create Incentives for Customer Loyalty
.02
2
.04
Vertically Integrate with Studio (if possible)
.03
1
.03
TOTAL:
_____
________
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THREATS
Weight
Rating
Weighted
Score
Retaining Subscribers
.15
3
.45
Broadband Subscribers
.02
2
.04
Competition/Attracting New Subscribers
.05
3
.15
Video Transitioning to Digital Media
.20
3
.60
Studio holds power over DVD releases
.03
2
.06
Licensing
.03
2
.06
Distribution
.02
2
.04
Internet Sites
.02
2
.04
TOTAL:
1.0
2.69
(Radulovich, 2013).
VIII. Prepare a Strengths-Weaknesses-Opportunities-Threats (SWOT)
Matrix (Give Advantages & Disadvantages)
Refer to Power Point Presentation.
IX. Recommend Specific Strategies and Long-Term Objectives (compare
recommendations to actual strategies planned by the company)
Netflix has a good track record of making positive moves in the past. Most recently, on
December 4, 2012, Netflix signed a multi-year agreement with Walt Disney Co., gaining
exclusive U.S. pay television rights to Disney movie releases from 2016. Netflix subscribers will
be able to watch new Disney movies on TV, tablets, computers and their mobile devices.
Disney’s direct-to-video new releases will also be made available on Netflix starting in 2013
(Reuters, 2012).
On December 20, 2011, Netflix and BBC Worldwide announced a new digital licensing
agreement that will bring a broad range of great BBC series to Netflix members in the UK and
Ireland (Reuters, 2011). On October 31, 2011, Netflix announced that they recently entered into
an extension of their previous licensing agreement with the Walt Disney Company’s DisneyABC Television group. The extension will allow Netflix to continue to stream hundreds of
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library episodes from ABC Studios, Disney Channel and ABC Family over the internet (Reuters,
2011). On October 7th, 2011 Netflix announced they had reached a multi-year licensing agreement
with AMC Networks, Inc., that will make prior seasons of AMC’s critically original series, The
Walking Dead, available exclusively to Netflix members in the U.S. and Canada (Reuters, 2011).
I see all of these decisions as strategic positioning moves for Netflix. Netflix has two major
challenges that I can see: while their efficiency performs well, their management effectiveness is
not good. Further, they have experienced “historical” surprises in their stock and their stock
continues to remain very volatile because of it.
Efficiency
Revenue/Employee (TTM)
Net Income/Employee (TTM)
Receivable Turnover (TTM)
Inventory Turnover (TTM)
Asset Turnover (TTM)
(Reuters, 2012).
Company
1,507,503
18,941
--1.23
Management Effectiveness
Return on Assets (TTM)
Return on Assets - 5 Yr. Avg.
Return on Investment (TTM)
Return on Investment - 5 Yr. Avg.
Return on Equity (TTM)
Return on Equity - 5 Yr. Avg.
(Reuters, 2012).
Industry
20,757,419
938,814
36.69
55.19
0.96
Company
1.54
13.61
2.78
21.43
8.05
36.35
Industry
4.94
5.56
7.24
8.21
10.57
11.56
Historical Surprises Estimates vs Actual
Estimate
SALES (in millions)
Quarter Ending Sep-12
904.89
Quarter Ending Jun-12
888.90
Quarter Ending Mar-12
866.05
Quarter Ending Dec-11
857.89
Quarter Ending Sep-11
811.59
Earnings (per share)
Quarter Ending Sep-12
0.04
Quarter Ending Jun-12
0.05
Quarter Ending Mar-12
-0.27
Quarter Ending Dec-11
0.55
Quarter Ending Sep-11
0.94
Sales and Profit Figures in US Dollar (USD)
Earnings and Dividend Figures in US Dollar (USD)
Sector
26,164,612
1,433,235
50.45
4.78
0.60
Sector
3.60
9.29
5.39
15.69
18.73
20.11
Actual
Difference
Surprise %
905.09
889.16
869.79
875.58
821.84
0.20
0.26
3.74
17.68
10.24
0.02
0.03
0.43
2.06
1.26
0.13
0.11
-0.08
0.73
1.16
0.09
0.06
0.19
0.18
0.22
208.06
126.80
-70.45
32.56
23.16
(Reuters, 2012).
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December 10, 2012
It also has a couple other problems that I can see: Amazon.com, Inc., which is the world’s largest
Internet Retailer, is testing a new monthly option for its popular Prime Video-Streaming service
as it steps up competition with Netflix, Inc. (Barr, 2012). The monthly option Amazon is offering
is $7.99, which works out to roughly $95.88 a year; however, it can be purchased on a month-tomonth basis. It is comparable to Netflix’s streaming video subscription which also costs $7.99 a
month but does not come with free shipping and an e-book library. Another streaming rival,
Hulu, also charges $7.99 a month (Barr, 2012). To compound Netflix’s Amazon issue, Netflix is a
current customer of Amazon as it receives all of its computing through AWS (Amazon’s cloud
services). This includes their member website at Netflix.com as well as software supporting
many Netflix Ready Devices, for example: the Xbox, PS3, Wii, Apple TV, and the iPad (Netflix,
2010). Netflix does have reasoning for this paradox, however; they felt that they needed to rearchitect which they feel allowed them to question everything, including whether or not to
keep building out their own data center solution; by letting Amazon focus on data
infrastructure, Netflix feels that it allows their engineers to focus on building and improving
their business; they are not very good at predicting customer growth or device engagement; and
they feel cloud computing is the future (Netflix, 2010).
Right now, Video Market Rental is here:
Source: http://www.fmsdevelopment.com/wp/?p=127
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Some alternate strategies would be:
Netflix Case Study
Forward Integration
Alternative Strategies
Consider ownership, partnership or increased control with
Studios because Studios control DVD rights and release dates.
Backward Integration
Consider branching out and buying a network, Studio or
distributor, or going into partnership with them since they
control the terms and conditions in regard to licensing and
streaming.
Horizontal Integration
Consider partnering with Amazon.com and possibly merging at
least the streaming portion of the business.
Market Penetration
Consider expansion with FIOS, Comcast and Infinity in the
Video on Demand segment and pay-pre-view content.
Market Development
Move toward a global/worldwide Netflix.
Product Development
Find new and inventive ways for digitally distributed media.
Related Diversification
Develop new and related products to the video streaming
business, such as your version of the iPhone, iPad or MAC.
Unrelated Diversification
Consider getting into the game rental service in addition to
videos.
Retrenchment
Slow down somewhat on expansion until you can get your
management on the same page.
Divestiture
Consider selling the DVD physical rental aspect of the business.
Liquidation
Consider selling to Amazon or some other firm.
X. Specify How Your Recommendations Can be Implemented and What
Results You Can Expect. Present a Timeline.
Looking at the next two to five years, I would take the following actions:
YEAR 1: Hire some additional managers with strong Leadership and Visionary thinking. Entry
into the in-home video entertainment industry is unregulated but constrained by the cost of
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acquiring distribution rights from Studios. As delivery of video and television content becomes
increasingly distributed through the internet, entry costs to launch a business similar to
Netflix’s will decrease because capital costs are relatively lower than “brick and mortar” firms.
Someone who could create and popularize a new technology for in-home entertainment viewing
could enter the industry and quickly gain significant market share (Carroll, Kwok, &
Menenberg, 2009). Netflix also competes with a handful of entertainment viewing formats that
are relatively interchangeable; they will need managers that understand not only the future, but
the state of flux this industry will be in for the next 20-30 years as technology increases at
lightning speed. If they expand too fast and their stocks remain volatile, investors will shy away.
Focus on profitability and expanding your subscription base and remaining at an even keel.
YEAR 2: Netflix hangs onto 75% of the market share in their industry. They have partnered
with companies such as Samsung, LG Electronics, Microsoft and Roku to develop Netflix
compatible devices that instantly stream movies to a home television set. They have also
negotiated agreements with networks such as CBS, Disney and Starz Entertainment, and in
2009 they acquired the rights for streaming MTV’s TV and movie content (Carroll, Kwok, &
Menenberg, 2009). Keep moving forward. Continue to hunt for strategic partnerships and
consider partnering with Amazon.com since they are potentially your biggest rival, but you
already depend on them for all your cloud computing needs.
YEAR 3: In addition to a competitive partnership, look into partnerships with FIOS, Comcast,
or Infinity for Video on Demand and pay-per-view movies as down the road I see this medium as
being one of your largest competitors. I would also be so bold as to try and land a partnership
with one of the bigger studios. As physical DVD rental begins to become obsolete, think of
selling your DVD inventory to Blockbuster, Redbox or Movie Gallery; focus on digital
distribution, VOD and pay-per-view. Also focus on customer service, satisfaction and keeping
your churn rate as low as possible. Small fluctuations in subscriber costs can cause customers to
abandon viewing format and quickly replace it with another.
YEAR 4: In the event that Amazon does not agree to a partnership, considering simultaneously
developing your own cloud storage; by remaining under a third party supplier (Amazon) you
leave yourself vulnerable to supplier power during streaming distribution cost negotiations.
This is a hold you should aggressively work to release. Both Netflix and Hulu offer greater video
selection than Amazon, however, Amazon is spending hundreds of millions of dollars buying
more content from Hollywood and TV studios. Amazon’s new monthly Prime option coincides
with the holiday shopping season this year, giving shoppers a way to use the two-day shipping
service for gifts without the annual obligation (Barr, 2012). Due to the industry landscape,
Netflix must remain conscious of their competitors’ prices and make every effort to own what
they can. This will give the company leverage.
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YEAR 5: I believe it is important to give back to not only investors and customers, but to the
community where you conduct business as well. To date, Netflix has not paid out any dividends,
yet they have seen substantial growth rates.
Dividend Yield
Dividend Yield
Dividend Yield - 5 Year Avg.
Dividend 5 Year Growth Rate
Payout Ratio(TTM)
(Reuters, 2012).
Growth Rates
Sales (MRQ) vs Qtr. 1 Yr. Ago
Sales (TTM) vs TTM 1 Yr. Ago
Sales - 5 Yr. Growth Rate
EPS (MRQ) vs Qtr. 1 Yr. Ago
EPS (TTM) vs TTM 1 Yr. Ago
EPS - 5 Yr. Growth Rate
Capital Spending - 5 Yr. Growth Rate
(Reuters, 2012).
Profitability Ratios
Gross Margin (TTM)
Gross Margin - 5 Yr. Avg.
EBITD Margin (TTM)
EBITD - 5 Yr. Avg
Operating Margin (TTM)
Operating Margin - 5 Yr. Avg.
Pre-Tax Margin (TTM)
Pre-Tax Margin - 5 Yr. Avg.
Net Profit Margin (TTM)
Net Profit Margin - 5 Yr. Avg.
Effective Tax Rate (TTM)
Effective Tax Rate - 5 Yr. Avg.
(Reuters, 2012).
Netflix
-0.00
-0.00
Industry
2.36
1.74
4.95
70.02
Company
10.13
21.02
26.31
-88.66
-82.06
42.53
-7.34
Company
29.23
35.77
45.70
30.90
2.61
11.08
2.05
11.05
1.26
6.79
38.58
38.55
Sector
1.69
1.35
10.44
32.19
Industry
7.20
5.01
13.31
1.11
-5.67
7.42
Industry
47.96
50.31
-17.89
10.24
12.02
10.47
12.14
6.05
7.34
43.49
40.50
Sector
6.23
5.01
8.08
25.87
-7.87
7.44
Sector
37.45
36.34
-15.08
9.87
11.82
9.98
11.81
7.38
8.12
25.28
28.67
“You learn nothing from your successes except to think too much of yourself. It is from failure
that all growth comes, provided you can recognize it, admit it, learn from it, rise above it, and
then try again” Dee Hock, Founder and former CEO, Visa International (Covey, 2006 pg. 182).
Smart Leaders create an environment that not only encourages appropriate risk-taking, but also
an environment that makes it safe to make some mistakes. This is how we learn. It is also not
enough to make a profit; you must deliver results when you give back. Establish profit-sharing
for employees and let Netflix began an employee owned company. Give greater shares to
executives, etc. This will not only change the perception of corporate America, but it will change
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the perception of employees, shareholders and customers. This also gives employees a “vested
interest” in the company they work for, succeeding. This builds trust in the company, trust in
the culture and trust in other people. Delivering results is how you convert cynics, it is how you
keep customers and it is how you gain customers. It is also how you gain flexibility and choices.
“People want to be trusted. They respond to trust. They thrive on trust. Whatever our situation,
we need to get good at establishing , extending, and restoring trust – not as a manipulative
technique, but as the most effective way of relating to and working with others, and the most
effective way of getting results” (Covey, 2006 pg. 29).
It is clear that the industry that Netflix is currently in, will remain in a state of flux for several
years. Technology changes so fast. “The complacent company is a dead company. Success today
requires the agility and drive to constantly rethink, reinvigorate, react and reinvent.” Bill Gates,
Chairman, Microsoft (Covey, 2006 pg. 104).
XI. Recommend Specific Annual Objectives and Policies/ Recommend
Procedures for Strategy Review and Evaluation
I think it is important to examine and refine company motives once a year. While many people
(or companies) may have good “intent” that does not mean that the execution is not bad. The
effectiveness of the managers at Netflix (in my opinion) has been negative. It is important to
make sure that a company’s executives do not just seek their own profit, position, or possessions
above people, above principle and above everything else. Go over the annual objectives and
policies. Capable people (and companies) are credible. Make sure the company is running with
their strengths, keeping themselves relevant and know where you are headed; having a current
vision and mission statement help. Ask the following questions:
1. What kind of results is the company producing?
2. Do the results increase or diminish the company’s credibility.
3. How well are we doing at identifying desired results and executing them effectively to
accomplish those results?
4. Does the company performance inspire confidence and trust? (Covey, 2006 pg. 112).
Check the company’s integrity, the intent, the capabilities and the results. Stay strong to
principles, even in the face of opposition. Do the right thing, even when it’s hard. Keep your
commitments. Stand for something (Covey, 2006). Agenda grows out of motive. “According to
former New York University economist Paul Zane Pilzer, “economic alchemy” is derived from
principles of abundance – not scarcity – and technology has liberated us from the zero-sum
game of traditional economics into the world of unlimited abundance” (Covey, 2006 pg. 88).
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XII. Conclusion
Johnny Depp has a great quote when he played Jack Sparrow in the movie, The Pirates of the
Caribbean: “The problem is not the problem. The problem is your attitude about the problem. Do
you understand” (IMDb, 2003)? While the problem can seem “out there,” it rarely is. You are not
powerless. By following the suggested changes, I expect the following to occur:
1. Netflix will display their integrity by being honest in their interactions; walking their
talk; being open to new ideas which will cause them to rethink their issues and redefine
their processes.
2. They will make their intent clear by genuinely caring and being deeply concerned about
the well-being of everyone involved (employees, shareholders and customers); by seeking
solutions that provide a “win-win” for everyone; and by showing people that they really
do have their best interests in mind.
3. They will demonstrate their capabilities by acquiring the knowledge and skills for their
task at hand and by focusing their greatest strengths and using them effectively.
4. Their results will be clear. Their track record will give people confidence in them; they
will focus their efforts on delivering results; and by finishing what they start (Covey,
2006).
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References
Barr, A. (2012, November 6). Huffingtonpost.com. Retrieved from Amazon Prime vs. Netflix vs. Hulu Plus:
New Monthly Option for Prime Should Scare other Services:
http://www.huffingtonpost.com/2012/11/06/amazon-prime-vs-netflix-vs-huluplus_n_2082871.html?utm_hp_ref=netflix
Brantley, Amy . (2007, June 10). What Everyone Should Know about Netflix. Retrieved from
Voices.yahoo.com: http://voices.yahoo.com/what-everyone-know-netflix-381380.html
Carroll, H., Kwok, I., & Menenberg, A. (2009, April 20). Strategic Report for Netflix, Inc. Retrieved from
Economics-files.pomona.edu: http://economicsfiles.pomona.edu/jlikens/SeniorSeminars/oasis/reports/NFLX.pdf
Covey, S. M. (2006). The Speed of Trust. New York, NY.: Free Press a Division of Simon & Schuster, Inc.
IMDb. (2003, July 9). Pirates of the Caribbean: The Curse of the Black Pearl. Retrieved from Imdb.com:
http://www.imdb.com/title/tt0325980/
International Directory of Company Histories. (2012, December 7). Netflix, Inc. History. Retrieved from
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