From Netflix Box To $4B Empire
Roku led the way but now rivals have the map too.
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This week, we’re revisiting the purple powerhouse to see how it’s evolving, from hardware roots to data-rich media machine. What’s changed since our last look? Metrics, margins, market focus and a new threat from a familiar retail partner. Let’s hit play.
Today at a glance:
Roku Then, Roku Now
The Metric That Used To Matter
The Metrics That Still Matter
Why Europe Still Feels Like The Missing Piece
What To Watch Next
BONUS: Help me choose my next Roku related piece?
Roku Then, Roku Now
In 2007, Wood pitched a project to Reed Hastings, later called Project Griffin (in reference to Tim Robbins’ character in Robert Altman movie “The Player”).
The pitch? Building a streaming video box to bring Netflix to TVs.
Wood became VP of Internet TV at Netflix (while remaining CEO of Roku), Netflix invested 6M$ in Griffin and the team got to work. A few months later, Hastings & Wood parted ways. Netflix wanted to be a streaming platform (agnostic of devices) and Roku wanted to be a streaming device manufacturer. The Netflix player never came out. Instead the 1st Roku player launched in 2008 bringing Netflix to TVs for the 1st time.
Fast-forward to 2025, Roku runs its own OS, manufactures its TVs, powers 3rd-party TVs, distributes 36,589 apps (in the US alone), 63 Premium 3rd-party subscriptions (from HBO Max to Acorn TV), 80K+ AVOD programs, 500+ FAST channels, produces original content and generates nearly 4.113B in annual revenue (full year 2024).
The hardware? Still there. But the money and ambition live in the platform.
