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'BusinessWeek': Netflix is Hot

29 May, 2006 By: Jessica Wolf

BusinessWeek magazine has named Netflix No. 29 on its list of 2006 “hot growth companies.”

The online DVD rental company makes its first appearance on BusinessWeek's list. The magazine singled out Netflix's bounce back from an 80% drop in shares after competitor Blockbuster entered the online DVD rental business in 2004. In 2005, Netflix's sales rose 36%, profits doubled to $40 million and shares have tripled over the last year, BusinessWeek noted — this all is in the face of $1billion losses for Blockbuster and Movie Gallery over the past year.

Also notable, according to the article, is Netflix's recent leap into film distribution, garnering release rights to 140 small independent films.

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