Tuesday, November 10, 2020

Reed Hastings: Bringing Movies to Our Fingertips

 Reed Hastings is the CEO and co-founder of Netflix. He was born and raised in Boston, Massachusetts and studied mathematics in college. He joined the US Marine Corps and served in the Peace Corps before returning to the US and becoming a software developer. Along with his co-founder, Marc Randolph, Hastings launched Netflix in 1997 as a DVD subscription service. Through the years he has adapted the company to fit the standards and needs of a technologically advanced society, as Netflix now has over 183 million users globally.  

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Recently, Hastings was asked to comment on how Netflix has adapted to the current pandemic, as millions around the world quarantined and relied on streaming services to stay entertained. He responded by explaining that he prides himself on creating a company that is focused on bringing creativity into people’s homes.  “We've been able to adapt from DVD by mail to domestic streaming to global streaming to original content in less than 20 years,” Hastings says. “Because we're so focused on supporting creativity.” His creative process includes his motivations to bring convenience and entertainment into people’s lives. This focus on creativity and openness to change is what has allowed Netflix, and Hastings, to be so successful. 


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Reed Hastings’ company, Netflix, can be tied to the idea of eastern culture that we discussed in class. Eastern culture focuses on the idea of building onto pre-existing or traditional ideas to bring about something newer. Netflix is a great example of this idea. At the time, before the company launched, DVD’s were able to be rented in a store. After accruing a hefty late fee, Hastings realized that this method was not very efficient and wanted to renovate the idea into something more convenient. By creating a DVD by mail company, and then further turning it into a streaming service, Hastings was able to build on the idea of movie rental stores and bring about something new. 

 

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Through his exceptional entrepreneurial skills, Hastings has navigated through studio partnerships and marketing that has put an emphasis on portraying Indie films and documentaries. Because of this emphasis, Netflix has been able to create its own content, which now accounts for 80% of the company’s budget in 2020. Hastings remains CEO and chairman of Netflix, with no intentions of slowing down. 

 

Resources:

https://www.forbes.com/profile/reed-hastings/?sh=67d6881c2782

https://sports.yahoo.com/netflix-cofounder-reed-hastings-on-creative-culture-130348112.html

https://www.britannica.com/biography/Reed-Hastings

 

3 comments:

  1. I think it's interesting that Hastings was extrinsically motivated. He's worked hard to bring Netflix into a domestic accessible sphere because he feels like it needs to be done. He wants people to be able to stream movies and shows in an easy way, and anywhere they want. It's cool to read about his motivations. Generally, I assume big tech companies are just trying to maximize profit.

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  2. This post was very interesting! I highly respect Hasting's desire to bring Netflix into people's homes. This aspect is in alignment with today's society; It is clear that people are often too lazy or tired to physically return a video. That being said, the progression Netflix has taken has left a positive impact on society and has made watching television more accessible to all.
    What I personally found most interesting was Hasting's life prior to the creation of Netflix. Participating in both the Marine Corps and Peace Corps emphasizes that creative sparks can occur at any point throughout life, that creativity is not limited to a specific time period.

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  3. I think Netflix has become such a common household streaming service that many people forget it started off as a DVD subscription service. And believe it or not, they still do the DVD subscription, though I am convinced my family is the only one that still subscribes to it because no one seems to believe me when I say they still do it.
    This was a very long-winded way of me saying that what I find most impressive about Reed's creative business model is its adaptability. When DVDs phased out, he was ready to launch a streaming service. When streaming services became competitive, Netflix initiated the concept of "originals" on those services. Hastings and his company are constantly flexing their creativity to make their business successful.

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