We all have those moments we'd rather forget. Let's revisit one of Netflix's on the 20th anniversary of its launch. The streaming-video behemoth, which upended nearly every aspect of the movie and TV businesses over its two-decade history, may seem unstoppable now. But in 2011, its ambitions nearly spelled its demise. The online-video service, which...

We all have those moments we'd rather forget. Let's revisit one of Netflix's on the 20th anniversary of its launch. The streaming-video behemoth, which upended nearly every aspect of the movie and TV businesses over its two-decade history, may seem unstoppable now. But in 2011, its ambitions nearly spelled its demise. The online-video service, which...