Entertainment juggernaut Netflix is growing into a much feared force in Hollywood.

Rapid expansion from a perceived minor player to a major threat to the status quo, now with more than 70 million subscribers in nearly 200 countries, has struck fear into the rest of the industry, according to The Los Angeles Times.

The Los Gatos, CA firm evolved from a video rental business to a streaming service to go-to destination for millions of viewers that generates award-winning content for both its digital streaming service and theatrical releases. A tipping point came last summer when Walt Disney Co. revised profit expectations for its cable channels, including ESPN, reflecting an industrywide shift as more consumers cut their cable offerings in favor of Netflix or other services. The news triggered a sell-off of media stocks, erasing nearly $50 billion in market value in two days.

Media stocks have not recovered, and studio executives have signaled a possible change in their dealings with Netflix and other digital outlets. Time Warner was considering holding onto episodes of its shows longer before making them available for video-on-demand services.