It was on this day August 29, 1997, when Reed Hastings, flush with millions of dollars from selling the software company he co-founded, teamed up with Marc Randolph, a co-founder of computer-parts mail-order company MicroWarehouse. The legend goes that Hastings was upset at having to pay $40 in fees for the late return of Apollo 13 to his local video store. A few months later Netflix launched, offering subscribers for less than $20 a month the ability to rent as many movies as they want, for as long as they want, with no late fees ever, without ever having to set foot inside a store. It was audacious, impractical, expensive, and exactly what consumers wanted.
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