Netflix was founded in 1997 by Marc Randolph and Reed Hastings as a DVD rental service and was launched in 1998 with 925 movie titles. In 2003, Netflix posted its first profit and in 2007 launched an online streaming service offering around 1,000 movies and TV shows. Netflix has since expanded internationally and begun producing original content. The company now offers over 12,000 titles for streaming, generates revenue through subscription fees from both its streaming and DVD rental services, and has become a major competitor in online entertainment with a market value of over $150 billion.