Netflix CEO Reed Hastings … As film and television production ground to a halt in New York and Hollywood this spring, Netflix’s global content machine began sparking back to life. It lasts for hours. Hastings, the Los Gatos, California-based firm’s co-chief executive officer, has seen his wealth increase about $2.2 billion this year to $6.4 billion, according to the Bloomberg Billionaire’s Index, making him the 120th-richest person in the U.S. “With all that decision-making power comes responsibility. “What if there were no late fees?” he pondered, and voilà, the idea for Netflix emerged fully formed. She remembers encountering Hastings in his office late one evening, fixing bugs in the glow of his computer rather than preparing remarks for a company meeting the following day. Ted Sarandos, a 20-year Netflix veteran and longtime chief content officer, was named co-CEO in July. The eyeballs followed. © 2020 Forbes Media LLC. To do so, he and Patty McCord, Netflix’s chief talent officer, diligently tried to identify the highest performers, terming them the “keepers.” As the day of the painful bloodletting drew near, he was on edge, worried that morale would plummet, with those who remained growing bitter under the increased workload. He spent two years in the Peace Corps in Swaziland, teaching math to high school students, and later obtained a master’s degree in computer science from Stanford. The man responsible for keeping the world entertained does so, at least this day, alone in front of a computer screen, in his son’s largely unadorned childhood bedroom. In 2009 Hastings realized this when he announced Netflix would separate the mail-order business from the streaming business and charge customers separately for each service. and got a standing ovation. It developed into a very good business, as subscribers would pick DVDs from Netflix’s comprehensive library. His maternal great-grandfather, Alfred Lee Loomis, was a Wall Street tycoon who anticipated the impending stock-market crash of 1929, then turned his attention to science, bankrolling a lab that attracted luminaries such as Albert Einstein, Enrico Fermi and Ernest Lawrence. Just a few.”, Within a month, the movie was in high demand, and Netflix was out of stock. Même au pays des génies de la tech, le succès de Reed Hastings est hors du commun. Joe Exotic and one his star tigers. American. By Silicon Valley standards, Pure Software had made a successful exit. You’ve trained your whole life for it, and you get cut, and it’s heartbreaking,” Hastings says. Consumers hated it, the stock market hated it, and the company quickly backed off. Bill Hastings was born on July 30, 1952 in Vinita, Oklahoma, USA. Hastings’ base for th… “People shy away from the truth, and the truth isn’t so bad,” he says. Counseling helped the once conflict-avoidant Hastings open up—and eventually he would incorporate the value of candor as a foundation of Netflix’s culture. But it left Hastings with lingering dissatisfaction. A better mousetrap, albeit one that carried a huge burn—Hastings lured customers with month-long free trials. And it’s super-disappointing. Another former Netflix director, Roku Inc. co-founder Anthony Wood, has also seen his fortune soar during the pandemic. Hastings, 60, founded his first tech business, Pure Software, in 1991, before going on to co-found Netflix with Pure colleague Marc Randolph in 1997. It was like breathing to me.”, McCord watched the entrepreneur mature as a leader. You have the guts to try.”. The sales, the latest of which was Dec. 21, were made as part of a trading plan. “And so it caused him to ignore it until it was too late.”. A tremendous success, but one that came with a strain on his marriage. It’s akin in some ways to Ray Dalio’s much-promoted “Principles” of brutal transparency at Bridgewater Associates, the world’s largest hedge fund. What the 59-year-old does right now, and how he leverages this culture—an unusual one even by tech-industry standards—will determine what you will watch, laugh along with and cry over for the next two decades. Superstition est une série dramatique télévisée américaine qui a été commandée par Syfy avec une commande directe de douze épisodes en décembre 2016 [1].L'émission a été créée le 20 octobre 2017 [2], avec la première saison de la série se terminant le 18 janvier 2018.Le 6 juin 2018, la série a été annulée après une saison [3 The Hollywood establishment, meanwhile, can leverage its content libraries and know-how all it wants, but what makes Netflix tick is something nearly impossible for companies built on ego and image to replicate: a culture of Vulcan-like dispassion and transparency, combined with perpetual, rapid reinvention. The debacle cost Netflix millions of subscribers, and its stock dropped more than 75 percent. In some ways, it’s the perfect setting for Reed Hastings, the unpretentious cofounder and co-CEO of Netflix, whose global army of innovators has revolutionized entertainment in the home. Then you have to say ‘Thank you, because it’s making me a better person.’ ”. A corollary, though: These stars, all paid like stars, must continue to perform like stars. As the year of the pandemic upends entertainment companies—Disney’s crippled theme parks, Warner Bros.’ furloughed blockbusters, AMC’s shuttered theaters—Netflix is having a moment. Remote autonomy wasn’t anything the Netflix crew needed to learn. They tested the concept by mailing themselves a DVD. “It’s a little bit like, is the Albanian army going to take over the world?” Time Warner chief executive Jeff Bewkes said in a 2010 interview. Hastings asked Sarandos why he hadn’t ordered more DVDs. “I’d come in in the morning and say, ‘Dude, if you’re going to sleep on the floor, in the morning go brush your teeth and look for blanket fuzz in your beard,’ ” recalls McCord, who was with him at Pure before helping him formalize the culture at Netflix. Reed Hastings, le fondateur de Netflix, est venu rencontrer la rédaction de Télé-Loisirs. What executive would do that?” Unlike Hollywood executives, whose bonuses are pegged to delivering operational profits, Hastings ensures that his executives won’t be afraid of suffering a financial hit by taking a risk. It hatched over countless brainstorming sessions while Hastings and Randolph commuted together over the Santa Cruz Mountains to Pure’s headquarters in Sunnyvale, California. Netflix’s origin story is more complicated than the convenient narrative. In the early days, it had innovated. You can watch as much as you want, whenever you want without a single commercial – all for one low monthly price. Yes, those shows were lucky. As a senior editor at Recode, I won awards for coverage of the devastating cyberattack on Sony Pictures Entertainment. Netflix Inc.’s Reed Hastings just pocketed $225 million from a stock sale, the latest in a series of such transactions the billionaire has made this year totaling $616 million. Initially, it made most of its money selling DVDs, Randolph says. Netflix has never had ads or commercials, even though other popular streaming services have been able to launch free or cheap tiers with advertisements. No part of the company tolerates resting on one’s laurels. I mean, Amazon did streaming at the same time we did in 2007. Like the coach who wins championships by empowering stars to execute the game plan rather than trying to control each play, Hastings encourages the freedom to act in the company’s best interest. Wednesday, 23 December 2020 08:32 AM. For the first time, Hastings had to understand people’s tastes and offer them a compelling proposition. He is known for his work on Matariki (2010), Backch@t (1998) and … Reed Hastings, American entrepreneur who was cofounder (1997) and CEO (1998– ) of Netflix, a media-streaming and video-rental company. A nascent business in 2001, Netflix saw its funding dry up in the aftermath of the original dot-com bust. Comment Reed Hastings de Netflix a conquis Hollywood avec une présentation PowerPoint, IT News, ET CIO Laisser un commentaire / Menu digital / Par [email protected] That prompted Hastings to institute a practice of actively seeking out dissent before launching any new initiative. I. I’m a Los Angeles-based senior editor for Forbes, writing about the companies and people behind the biggest disruption in entertainment since cable TV: streaming video. Pure Software went public in 1995, merged in 1996 with a little-known Massachusetts company, Atria Software, and was subsequently gobbled up by Rational Software in a deal that PitchBook valued at around $700 million. … Hastings points to Microsoft as his model: “Look at Microsoft, now 20 years from Bill … First, it pays top dollar to secure the right talent. Extending the sports analogy, this team of elite players, in trusting one another’s exceptional skills, will then communicate openly to collectively up their game. Netflix currently functions, by any measure, at a world-class level. The race to capitalize on streaming’s future set up what Hastings calls the biggest mistake in the company’s history: the decision in 2011 to hive off the company’s aging DVD business in a separate service called Qwikster. “But there’s no shame in it at all. I know you don’t get a personal assistant. The company’s pay packages come fully as salary, with as much or as little compensation as you wish in stock options; Netflix doesn’t believe in bonuses, which Hastings thinks can reward the wrong things. Netflix co-founder and co-CEO Reed Hastings and co-author Erin Meyer detail the company's unorthodox management style in the new book "No Rules Rules: Netflix and the Culture of Reinvention." Hastings, the co-founder and chief executive officer of Netflix Inc., was never fond of revisiting his past. That means more investment in local content around the world—including as much as $400 million by the end of the year in India. Hastings, 60, founded his first tech business, Pure Software, in 1991, before going on to co-found Netflix with Pure colleague Marc Randolph in 1997. The Netflix documentary became a massive hit after its release during the peak of the pandemic lockdown. By the time Hollywood started to get wise, Netflix had begun financing its own original series—starting with Sarandos’ $100 million bet in 2011 on the political thriller House of Cards, from director David Fincher. It extended this generous compensation to creative executives working in Hollywood, from the well-connected (Matt Thunell, whose ties with the talent community enabled him to read an early draft of the sci-fi series Stranger Things over lunch in Hollywood) to the visionaries (Shonda Rhimes, Joel and Ethan Coen, Martin Scorsese). And a moment of profits, with sales up 25% year over year, earnings more than doubled and its stock up 50 percent, as most of the market gyrates wildly just to scratch back to even. More than a third of smart televisions sold in the U.S. this year have the Roku operating system, according to a company report. It was a fateful moment. Vous pouvez désormais regarder Netflix dans 190 pays. Learn more about Hastings’s life and career. While Netflix dominates its space (it reaches 56% of the homes in the U.S. with broadband access, according to Parks Associates), Disney, in particular, is bringing the heat, with more than 100 million subscribers across its three services, Disney+, ESPN+ and Hulu. “Because you told me not to!” Sarandos protested. Randolph remembers flying with Hastings to Dallas to try to convince Blockbuster CEO John Antioco to buy Netflix for $50 million. De façon générale, Hastings n’aime pas trop que l’on s’oppose à lui. “I don’t think so.”, “During all the critical years, 2010 to 2015, [Bewkes] just thought the internet was foolish, and the prices were foolishness,” Hastings says, noting that he still has the Albanian army dog tags he wore around his neck for motivation. One former executive describes the work environment as a “culture of fear” in which “everybody is chipping away at each other at every moment—because you’re rewarded.” The annual review process, called “360,” culminates in dinners at which small groups gather to provide constructive feedback. In 1991, Hastings founded his first company, Pure Software, which specialized in programs for measuring software quality. The Story of Netflix Reed Hastings and Marc Randolph had an idea to rent DVDs by mail. Former National Security Advisor Susan Rice will formally leave her post on the Netflix board next month to join Joe Biden's administration, with Netflix chairman and co-CEO Reed Hastings … Sarandos casually asked Hastings how many he should order, and Hastings responded, “Oh, I don’t think that’s going to be popular. Hastings cut the conversation off immediately, declaring: “You’re not allowed to let me drive us off the cliff!”, “And to me, that was an immediate lesson,” Sarandos now says. With the merely competent employees cleared out, the office was energized, “buzzing with passion, energy and ideas.” Hastings describes the painful layoffs as his “road to Damascus experience,” a clarifying moment that changed his understanding of employee motivation and leadership. Ted Sarandos, Hastings’ co-CEO, talks about a coffee break with Hastings in the pre-streaming days, when he was the chief content officer and deciding whether to order 60 copies of a new alien movie or 600. Keep discussions on topic, avoid personal attacks and threats of any kind. “It’s the specifics of trying to hold someone accountable that trips you up,” he says, adding, “we do evaluate people, but we don’t micromanage the goals.”. Pure ended up promoting people “who were great at coloring within the lines,” Hastings says, while the creative mavericks got frustrated and went to work elsewhere. Hours of TV viewing as a child and a job as a video store clerk helped him build an encyclopedic knowledge of film and TV. Back then, he was a “geek’s geek” who would sleep on the floor of the office after an exhausting coding session. Reed Hastings is an entrepreneur who has revolutionized entertainment since co-founding Netflix in 1997, serving as its chairman and CEO since 1999. The DVD arrived intact, and the idea for Netflix was born. In Hastings’ new book, No Rules Rules, he likens his company’s culture to that of a championship professional sports team—one that works and pulls for one another, but sheds no tears when a teammate is jettisoned in favor of an upgrade. Says Hastings with a shrug: “What people forget is, it’s always been intense competition. But for Amazon, streaming has almost surely been a loss leader that can generate Prime shopping memberships. “And I slammed the door. That put the young startup on an eventual collision course with Amazon’s Bezos. The Covid-19 pandemic gave Netflix’s innovative culture a proper stress test. I’ve spent more than 20 years covering the intersection of entertainment and technology. Netflix co-founder Reed Hastings built the streaming giant on a foundation of 14 million U.S. subscribers who once rented DVDs from catalog of about 100,000 titles that were shipped by mail in the company’s iconic red envelopes. HOW ABOUT A BIG SHITPILE OF MONEY?”, “We describe it as like getting cut from an Olympic team. Netflix chief Reed Hastings and his wife, Patty Quillin, donated $30 million to Gavi Alliance, the nonprofit immunization organization started by the Bill … It turns out that dozens of managers had qualms about Qwikster—but had kept their misgivings to themselves. And it’s not for everyone. Netflix Reed Hastings talked to Andrew Ross Sorkin at the New York Times DealBook Conference on November 6, 2019. “Changing course involves investment and risk that may reduce this year’s profit margin,” Hastings writes in No Rules Rules. Fair enough. Roku shares have soared 165% this year, pushing Wood’s net worth to $7 billion, according to the wealth index. A noted philanthropist, he also devoted part of his time to educational issues, notably charter schools. The streaming giant had upended show business long before the pandemic hit. The head of the $6 billion home-entertainment giant rejected the idea out of hand. Again, this can be disconcerting. I don’t think he knew he had it in him. “Adequate performance gets a generous severance package,” Hastings and McCord wrote in a 129-page SlideShare presentation on Netflix’s culture that was widely shared a decade ago and for years was on the company’s website. Another former Netflix director, Roku Inc. co-founder Anthony Wood, has also seen his fortune soar during the pandemic. En quelques semaines, Netflix avait perdu 800.000 abonnés et vu son cours de Bourse chuter de 74%. “What some people called overpaying for that content at that time, Netflix knew very well what it was worth and what they were building toward,’’ says Tinder CEO Jim Lanzone, a longtime internet entrepreneur who was CBS’ chief digital officer at the time. Founder and C.E.O. All this has come to a head amid the most disruptive moment for entertainment in at least a generation. Bill Hastings, Script Department: Matariki. Netflix also needed to find a way to charge for the on-demand service—especially after it began spending as heavily to license streaming content as it did to purchase DVDs. “One thing that’s not widely understood is that we work really far out relative to the industry, because we launch all our shows, all episodes, at once,” Sarandos told investors in April. . Le patron du service de streaming américainx, Reed Hastings, a annoncé que Netflix serait disponible dans pas moins de 130 nouveaux pays. As it matured, like pretty much every company, it developed policies to safeguard against mistakes, rather than taking smart risks. Launched in 1997, Netflix became known for red envelopes sent by mail, a pivot away from Blockbuster’s brick-and-mortar rental model. As at many white-collar companies, meetings resumed from living rooms, bedrooms and kitchens, virtual writers’ rooms were assembling and animators were working remotely. How about we give you this big shitpile of money?’ ”, Those piles are delivered cleanly. https://www.nytimes.com/2020/09/04/style/reed-hastings-netflix-interview.html Netflix is a streaming service that offers a wide variety of award-winning TV shows, movies, anime, documentaries, and more on thousands of internet-connected devices. He realized it was his job to inspire them, not to do the work.”. Those competitors have gotten the memo, spending billions to confront Netflix, whether via Disney’s fast-growing Disney+, WarnerMedia’s lurching HBO Max or NBCUniversal’s brand-new Peacock. “It’s a good story,” says Netflix cofounder Marc Randolph, who worked with Hastings at Pure. All Rights Reserved, This is a BETA experience. So we’ve been competing with Amazon for 13 years.”. “We fundamentally want to be better at creating stories people want to talk about and watch than any of our competitors,” Hastings tells Forbes. “When someone sits in front of a TV to watch Netflix, we have a moment of truth—a couple of minutes, maybe as little as 30 seconds, [in which] we need to catch their attention with something interesting,” says former chief product officer Neil Hunt, who deployed his 2,000-member team to solve this riddle—most working independently, in keeping with the company’s culture. And it means continuing to evaluate his talent so he can continue to empower them to make decisions. Critics trashed the idea, and Hastings himself became comedic fodder for Saturday Night Live, which parodied his YouTube video apologizing for the misstep. Bill Hastings was born in Scarborough, Ontario, Canada as William Kenneth Hastings. Then, in 2007, broadband brought the opportunity for streaming. Netflix’s old-fashioned business allowed for pretty much infinite choice, albeit within the confines of inventory availability and delivery lags. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc. Netflix Inc.'s Reed Hastings just pocketed $225 million from a stock sale, the latest in a series of such transactions the billionaire has made this year totaling $616 million. I write about the tech juggernauts, the legacy media companies and the startups pioneering new ways to reach the consumer. “In the beginning we were able to attract rebellious folks, the folks that were stifled by the studio environment or hadn’t gone far enough in the system to be ruined,” McCord says. But with a highly unusual management style, its billionaire founder has now positioned his entertainment juggernaut to prosper like few companies in the world. With movie theaters crippled, sports dormant until recently and traditional and cable television offering the equivalent of reheated leftovers, Netflix has added around 1 million subscriptions a month in the U.S. and Canada since the pandemic began and another 2 million a month globally. Meanwhile, he’s focused on Netflix crossing its next significant milepost: 200 million subscribers and beyond. All these data points stem from data points, and a perfect synthesis of Hollywood and Silicon Valley, serving up content informed by a deep understanding of their users’ tastes. “Seriously, Reed, if you want them to follow—lead,” McCord remembers telling him. The world has proven receptive. He has collected about $200 million from stock sales in 2020 as part of a trading plan, according to data compiled by Bloomberg. People cry. https://finance.yahoo.com/news/susan-rice-leave-netflix-board-200757590.html . “I’m confident that [our culture] will help us serve our members best now, and find ways of serving our members better than HBO does, or better than Disney does,” Hastings says. “Each one gives feedback about that person, live, in front of everybody else,” says the former executive, who requested anonymity. While Hollywood measures people’s offices by their totems and grandeur, the analytical Hastings, a Silicon Valley interloper, values functionality over trappings. Perennial trophies require perpetual hiring of top performers. All rights reserved. Hastings tearfully apologized for damaging the company at a weekend management retreat months later. “You go around the table. Hastings acknowledges Disney’s extraordinary feat of logging 50 million subscribers in its first five months, a milestone it took Netflix seven years to reach. Email me at dchmielewski [at] forbes.com or follow me at @dawnc331. Streaming offered instant gratification, but Netflix would not be able to match the breadth of content because of Hollywood’s television deals. Meanwhile, while rivals lost centerpiece launch shows, such as the Friends reunion special for HBO Max and the Summer Olympics in Tokyo, a tentpole for NBCUniversal’s Peacock, Netflix kept humming along with shows that captured the cultural zeitgeist, whether with crass obsessions like Tiger King: Murder, Mayhem and Madness, a goofy reality show based on the game Floor Is Lava or adrenaline-filled action flicks such as Chris Hems-worth’s Extraction. The opposite occurred. That was Hastings’ mindset when, according to popular legend, he had an epiphany after getting socked with a $40 late fee on Apollo 13 at Blockbuster. There's always something new to discover and new TV shows and movies are added every week! Facebook annonce que deux vétérans de son conseil d'administration vont quitter le navire : Reed Hastings (patron de Netflix) et Erskine Bowles (ancien chef de cabinet du président Bill Clinton). “We just wrote big checks. “Because they’ve got so much internal process around things that slows them down.”, I’m a Los Angeles-based senior editor for Forbes, writing about the companies and people behind the biggest disruption in entertainment since cable TV: streaming video. The next day he did a speech . I couldn’t imagine not being at Netflix. And since Hastings has spent much of the past decade focusing internationally, content production resumed relatively quickly in Iceland and South Korea, which have been aggressive about testing and tracking. That practice began in 2003, when Netflix began competing with Google, Apple and, soon, Facebook for the “rock stars” whose highly refined coding, debugging and programming skills dramatically outperformed their average peers. Nous sommes en 1997 et Reed Hastings, diplômé d’intelligence artificielle à l’Université Stanford, décide de louer le film Apollo 13 en VHS. . Those large checks singlehandedly turned streaming from a backwater to an auteur’s paradise, with early hits like House of Cards and Orange Is the New Black. . If Hastings seems unnaturally comfortable amid the train wreck that is 2020, perhaps it’s because his company’s culture was forged in crisis. You may opt-out by, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation With Forbes Insights. A compelling proposition according to a head amid the most disruptive moment for entertainment in least! For the first time, Hastings n ’ aime pas trop que l ’ air, il oublie rendre! 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