Five years ago Aileen Lee, founder of Silicon Valley investor Cowboy Ventures, coined the term “unicorn” for a private company valued at more than $1bn.
Netflix has helped change the way we watch television and film, further weakening our reliance on traditional TV schedules and providing a cheaper alternative to a cinema trip.
It invested massively in shows such as The Crown, Stranger Things and House of Cards to drive subscriber growth. It is now spending money on locking in talent, including Grey’s Anatomy creator Shonda Rhimes and Ryan Murphy, the producer behind American Horror Story, to try to ensure its supply of high-quality content.
Alongside the results of last week’s US midterms came the passing of San Francisco’s Proposition C, a measure that will tax firms with an annual turnover of more than $50m (£44m) to raise an estimated $300m extra a year to help address homelessness. Last Tuesday, 60% of voters backed it: though the proposal is now snarled up in a constitutional dispute, its approval marks a big moment for a city whose housing crisis has become a matter of urgency.