How a cancelled Netflix project birthed a streaming giant
In short: In 2007, Netflix killed a project called Project:Griffin to protect its licensing deals. That risky decision inadvertently paved the way for Roku, a company that would eventually dominate the U.S. market and reach nearly 145 million people.
Roku's origins are deeply intertwined with the evolution of streaming. Founded by Anthony Wood in 2002, the company's trajectory shifted significantly after Netflix founder Reed Hastings decided to kill Project:Griffin—a set-top box designed to stream Netflix content—to avoid complicating third-party licensing arrangements. This decision, described by Fast Company as one of Netflix's riskiest moves, led Netflix to spin off the project, resulting in Roku's first set-top box release in 2008.
The company's business model evolved from standalone hardware to a dominant software platform. By 2014, Roku began partnering with TV manufacturers like TCL and LG to embed its operating system directly into hardware. This strategy proved highly effective; by 2021, a Roku executive noted that one in three smart TVs sold in the U.S. and Canada featured the Roku operating system. This ecosystem expanded into audio devices and smart projectors, cementing Roku's role as a central hub for digital media consumption.
As of 2024, Roku remains a massive force in the U.S. streaming market, reaching nearly 145 million people. However, its scale has invited intense scrutiny. In June 2026, Fox Corporation agreed to acquire Roku, Inc. for $22 billion, a move that would create the third-largest player in U.S. television by viewing share. This proposed merger has faced immediate pushback from congressional Democrats, including Elizabeth Warren, who warn of antitrust implications and the potential loss of consumer choice in free streaming services.
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- Summary by Intellect · source: Roku
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