It’s hard to stay innovative in today’s highly competitive tech market, but Fast Company Magazine’s “World’s 50 Most Innovative Companies” list highlights those companies that continue to provide outstanding innovation despite the challenges.

At number 42 on this year’s list, electronics company Roku Inc. earned its spot for leading the evolution of television, in addition to its current third place among the top 10 consumer electronics companies.

The relatively young company has been recognized for its streaming platform for television, which has helped the company reach record sales growth over the last year. Roku’s streaming player is now one of the most preferred products on the market for for households, and the company is now reaching into the Smart TV and Blu-ray markets with the introduction of its newest products, the Roku Streaming Stick the Roku Ready program.

Anthony Wood, founder and CEO of Roku, commented on the achievement of placing on the high profile list.

“It’s a great achievement for Roku to be named among the most innovative companies in the world and to be recognized for leading the evolution of television,” said Wood. “Television is our company’s entire focus and making it easy, fulfilling and affordable is what we strive to give customers each and every day.”

The company is certainly drawing customers in; as Roku’s total streamed hours went up from 428 million in 2011 to a whopping one billion in 2012. In response to this rapid growth, Roku has continued adding channels and increasing its service offerings.

Roku now has 700 channels to choose from, including many of the most popular channels like PBS and HBO. 

Fast Company Magazine’s list is a massive effort for the company’s editorial team, which spends months analyzing data and gathering any needed information to make their decisions. The companies chosen for the list are the best in the business, and span across the economy and the world, so Roku’s recognition is proof that the company, which began in 2008, is going places.