Ep 6. Reed Hastings

Reed Hastings is the founder and CEO of Netflix, an online streaming platform that has revolutionized the way people consume entertainment. In this episode of Bloomberg Game Changers, we delve into the life of Hastings and his journey to creating one of the most successful companies of our time.

The episode begins with Hastings’ childhood in Boston, where he was raised by a single mother. As a student, he excelled in math and science and went on to study computer science at Bowdoin College in Maine. After graduation, Hastings worked at a number of tech companies, including Adaptive Technology and Data Warehousing Corporation.

In 1997, Hastings founded his first company, Pure Software, which provided testing and debugging tools for software developers. The company went public in 1995 and was eventually sold to Rational Software for $750 million. This success gave Hastings the financial freedom to pursue his next venture.

In 1997, Hastings co-founded Netflix, along with Marc Randolph. Their goal was to disrupt the traditional video rental market by delivering DVDs directly to customers through the mail. The idea was revolutionary at the time and faced a number of challenges, including resistance from established brick-and-mortar video rental chains.

The episode captures the evolution of Netflix from its early days as a DVD rental company to its current status as a global player in the entertainment industry. We learn about some of the key decisions made by Hastings along the way, such as the introduction of the company’s signature subscription model, which allowed customers to rent unlimited DVDs for a monthly fee.

As the streaming industry began to emerge, Hastings recognized the potential of online streaming and made the bold decision to shift Netflix’s focus away from DVD rentals and towards digital streaming. This proved to be a prescient move, as the company was able to establish itself as the market leader in the streaming space.

The episode also explores some of the controversies that have surrounded Hastings and Netflix over the years. One of the most notable was the company’s decision in 2011 to separate its DVD rental and streaming businesses, which resulted in a significant backlash from customers and a temporary loss of market share.

Despite these challenges, Hastings has remained committed to innovation and disruption, consistently pushing the boundaries of what is possible in the entertainment industry. The episode concludes with a look at some of the exciting new ventures that Netflix has undertaken, such as the production of original content and the expansion of its global footprint.

Overall, this episode of Bloomberg Game Changers provides a fascinating look at the life and career of Reed Hastings, a visionary leader who has had an enormous impact on the entertainment industry. Through interviews with those who know him best and a deep dive into his personal and professional history, viewers gain a deeper understanding of the man behind the company that has transformed the way we watch TV and movies.