LIFETIME OF ACHIEVEMENT IN TECHNOLOGY
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Hasting ' s Top 5 Lessons Learned Being CEO of Netflix
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He is an advocate for educational reform , having been involved in educational philanthropy and politics for a number of years .
With his teaching background and a passion for educational technology , Hastings saw an opportunity within the inefficiency of the traditional video rental model . This was evident in Netflix ’ s pivot towards a subscription-based model , which enabled customers to rent DVDs without due dates or late fees – offering something different from then-competitors such as Blockbuster . Hastings then led the company ’ s radical decision to focus on streaming services , which angered its customers .
“ Most customers did not care about streaming ,” he says in an interview with Stanford University . “ We were overconfident .”
However , the gamble paid off as the Internet exploded in the 2000s . Netflix launched its service in 2007 to stream movies and television shows to computers . Hastings still credits the success of YouTube for his shift in strategy towards developing a video streaming service .
As Netflix has continued to explode and achieve billion-dollar revenues , its corporate setup has remained unique . Whilst this was radical at the time , many companies now aspire to achieve
28 May 2024