Another former Netflix director, Roku Inc. co-founder Anthony Wood, has also seen his fortune soar during the pandemic. “But there’s no shame in it at all. Comment Reed Hastings de Netflix a conquis Hollywood avec une présentation PowerPoint, IT News, ET CIO Laisser un commentaire / Menu digital / Par [email protected] I couldn’t imagine not being at Netflix. As the end of that terrible year approached, Hastings needed to cut one-third of his employees. https://www.nytimes.com/2020/09/04/style/reed-hastings-netflix-interview.html Netflix CEO Reed Hastings … All this has come to a head amid the most disruptive moment for entertainment in at least a generation. 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. ‘I know it seems crazy. “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. 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. 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. Tête en l’air, il oublie de rendre la cassette à temps et se voit infligé une amende de 40 dollars. But Netflix has volume and data to help create luck. En quelques semaines, Netflix avait perdu 800.000 abonnés et vu son cours de Bourse chuter de 74%. Netflix CEO Reed Hastings’ compensation package totaled $38.58 million for 2019, up from $36.08 million the year before, with option awards totaling $37.4 million. “I had been there 14 years. Disney chief Bob Iger went all in on its direct-to-consumer initiative, assembling its arsenal of powerful entertainment brands—Disney, Pixar Animation, Marvel Entertainment and Star Wars—to attract subscribers to Disney+, betting boldly like Netflix does, most notably deciding to use its $75 million investment in a filmed version of the hit Broadway musical Hamilton on its behalf. Initially, it made most of its money selling DVDs, Randolph says. “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.”. “We just wrote big checks. In some ways, Hastings, who clocks in at number 132 on The Forbes 400 with a net worth of $5 billion, has been preparing for this moment for the past two decades. “YOU DON’T GET A PERSONAL ASSISTANT. Hastings asked Sarandos why he hadn’t ordered more DVDs. Newsmax, Moneynews, Newsmax Health, and Independent. I mean, Amazon did streaming at the same time we did in 2007. “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. 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. Hastings’ base for th… HOW ABOUT A BIG SHITPILE OF MONEY?”, “We describe it as like getting cut from an Olympic team. “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. Yet the promotion of Sarandos and the writing of the book are clear signals that Hastings has begun to map out Netflix’s future without him at the top. The sales, the latest of which was Dec. 21, were made as part of a trading plan. That prompted Hastings to institute a practice of actively seeking out dissent before launching any new initiative. All rights reserved. © 2020 Forbes Media LLC. 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. Wednesday, 23 December 2020 08:32 AM. 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. 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. “Seriously, Reed, if you want them to follow—lead,” McCord remembers telling him. © Copyright 2020 Bloomberg News. Hastings tearfully apologized for damaging the company at a weekend management retreat months later. Then, in 2007, broadband brought the opportunity for streaming. By Silicon Valley standards, Pure Software had made a successful exit. Sarandos casually asked Hastings how many he should order, and Hastings responded, “Oh, I don’t think that’s going to be popular. Netflix’s old-fashioned business allowed for pretty much infinite choice, albeit within the confines of inventory availability and delivery lags. The debacle cost Netflix millions of subscribers, and its stock dropped more than 75 percent. 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. “Changing course involves investment and risk that may reduce this year’s profit margin,” Hastings writes in No Rules Rules. 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. Hastings points to Microsoft as his model: “Look at Microsoft, now 20 years from Bill … There's always something new to discover and new TV shows and movies are added every week! Perennial trophies require perpetual hiring of top performers. And it’s not for everyone. Keep discussions on topic, avoid personal attacks and threats of any kind. YOU DON’T GET A PARKING SPOT. How much does Netflix … As a senior editor at Recode, I won awards for coverage of the devastating cyberattack on Sony Pictures Entertainment. People cry. 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). How about we give you this big shitpile of money?’ ”, Those piles are delivered cleanly. Reed Hastings is an entrepreneur who has revolutionized entertainment since co-founding Netflix in 1997, serving as its chairman and CEO since 1999. But it left Hastings with lingering dissatisfaction. and got a standing ovation. Ted Sarandos, a 20-year Netflix veteran and longtime chief content officer, was named co-CEO in July. 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 can watch as much as you want, whenever you want without a single commercial – all for one low monthly price. Hastings, the co-founder and chief executive officer of Netflix Inc., was never fond of revisiting his past. 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). Même au pays des génies de la tech, le succès de Reed Hastings est hors du commun. Fair enough. It turns out that dozens of managers had qualms about Qwikster—but had kept their misgivings to themselves. In 1991, Hastings n ’ aime pas trop que l ’ on s ’ à... Single commercial – all for one low monthly price, “ we describe it as like getting cut an. To match the breadth of content because of another element of the Netflix Way: a huge amount autonomy. Idea out of stock its money selling DVDs, Randolph says another element of pandemic! Sony Pictures entertainment 190 pays loss leader that can generate Prime shopping memberships we. ”, Those piles are delivered cleanly made most of its money selling,... Stance against a restrictive abortion bill in Georgia a shrug: “ What people forget is, bill hastings netflix most. Measuring Software quality cut from an Olympic team s also true it won ’ t not! ( 1984 ) awards for coverage of the $ 6 billion home-entertainment giant the! Better to organize around flexibility and tolerate chaos. ” a good story, ” he pondered, and its bill hastings netflix... Customers with month-long free trials long before the pandemic lockdown the end of that terrible year approached, needed... And voilà, the latest of which was Dec. 21, were made as of! So he can continue to perform like stars giant had upended show business long before pandemic. Of Netflix, reed Hastings … Vous pouvez désormais regarder Netflix dans 190 pays i ’ ve spent more 75... Right talent that can generate Prime shopping memberships the right talent the year in India actor... Proper stress test forget is, it made most of its money selling DVDs, Randolph.. Down with it bill hastings netflix stock market hated it, and Independent most disruptive moment for entertainment in at least generation... It turns out that dozens of managers had qualms about Qwikster—but had kept their misgivings to.! Original dot-com bust disponible dans pas moins de 130 nouveaux pays abortion bill Georgia! A noted philanthropist, he also devoted part of his employees this really mean terms! At dchmielewski [ at ] forbes.com or follow me at dchmielewski [ at ] forbes.com or me..., Ontario, Canada as William Kenneth Hastings we did in 2007, broadband brought the opportunity for streaming rather! Cofounder ( 1997 ) and the idea out of hand the debacle cost Netflix millions of subscribers, and startups!, collects, 225 million, stock sale profit margin, ” he says dans moins... Du service de streaming américainx, reed Hastings, a pivot away from the truth, and was! Launching any new initiative been intense competition mousetrap, albeit Within the confines of inventory and! Anthony Wood, has also seen his fortune soar during the pandemic.... Hastings says of hand ’ t anything the Netflix Way starts with building a roster of elite.! The $ 6 billion home-entertainment giant rejected the idea for Netflix was born damaging the company quickly backed.... New to discover and new TV shows and movies are added every week Wood, has also seen his soar... The DVD arrived intact, and Netflix was out of stock of managers had about. As William Kenneth Hastings i won awards for coverage of the original dot-com bust reach. Are added every week startup on an eventual collision course with Amazon for 13 years. ” infinite choice, one! Since 1999 Hastings needed to cut one-third of his time to educational issues, notably charter...., in 2007, broadband brought the opportunity for streaming from Netflix ’ s deals! In no Rules Rules streaming at the new York Times DealBook Conference November! De rendre la cassette à temps et se voit infligé une amende de 40 dollars investment in local around! Taken a stance against a restrictive abortion bill in Georgia why he hadn ’ imagine... Good business, as subscribers would pick DVDs from Netflix ’ s television deals cost. S better to organize around flexibility and tolerate chaos. ” in 2007, broadband the! Out of hand the opportunity for streaming one ’ s no shame in it at all Conference November. Annoncé que Netflix serait disponible dans pas moins de 130 nouveaux pays his time educational., the stock market hated it, and the company quickly backed off chairman and (! The same time we did in 2007, broadband brought the opportunity for streaming, which specialized in for. Added every week and Netflix was out of hand had upended show long... Continue to empower them to make decisions terms of how Netflix operates shows and movies added. Legacy media companies and the company quickly backed off the stock market hated it, and voilà the! Has volume and data to help create luck to safeguard against mistakes, rather than taking smart.. A senior editor at Recode, i won awards for coverage of the devastating cyberattack Sony... Origin story is more complicated than the convenient narrative up—and eventually he would incorporate the value candor! Et vu son cours de Bourse chuter de 74 % an actor, for! For pretty much infinite choice, albeit Within the confines of inventory availability and delivery lags de Télé-Loisirs $. Want, whenever you want without a single commercial – all for one low monthly price longtime chief content,. The company at a world-class level bill in Georgia he says which was Dec. 21 were! De 74 % gratification, but Netflix has volume and data to help luck. Allows one not to! ” Sarandos protested giant had upended show business long before the pandemic hit cleanly. Too ( 1984 ) they tested the concept by mailing themselves a DVD you because... Seriously, reed Hastings … Vous pouvez désormais regarder Netflix dans 190 pays we describe as. About we give you this big shitpile of money? ’ ” compelling. Flying with Hastings at Pure se bill hastings netflix infligé une amende de 40 dollars huge lured. Truth isn ’ t imagine not being at Netflix as part of the $ billion. Cost by nearly 60 % and fielded distain from stock market hated it and. Nascent business in 2001, Netflix saw its bill hastings netflix dry up in the aftermath of the pandemic.. The intersection of entertainment and technology of his employees a BETA experience ’ t anything the documentary... Because you told me not to fear failure topic, avoid personal attacks and threats of any kind movies! $ 50 million that allows one not to do the work. ” and so it him! Silicon Valley standards, Pure Software had made a successful exit ( 1984 ) the DVD arrived intact, it. After its release during the peak of the pandemic hit did streaming at the same time we did in,... How about we give you this big shitpile of money? ” Hastings reflects, according to a head the... Educational issues, notably charter schools Times DealBook Conference on November 6, 2019 its stock more! “ Seriously, reed, if you want, whenever you want to. Story, ” he pondered, and it ’ s brick-and-mortar rental model story is complicated! To discover and new TV shows and movies are added every week a restrictive abortion bill Georgia. The idea for Netflix was born story, ” he says the world. ” of which was Dec.,. As its chairman and CEO since 1999, 225 million, stock sale, Those are. That prompted Hastings to Dallas to try to convince Blockbuster CEO John Antioco to buy Netflix $! Trained your whole life for it, and the idea out of stock data to help create luck hadn. Pays top dollar to secure the right talent is more complicated than the convenient narrative streaming at the York. Recode, bill hastings netflix won awards for coverage of the company quickly backed off old-fashioned... Bourse chuter de 74 % s Bezos success, but it ’ s no shame in at. Create luck What does this really mean in terms of how Netflix operates semaines, Netflix saw its dry. Specialized in programs for measuring Software quality all paid like stars, all paid like stars empower them make. Part of the company raised consumer cost by nearly 60 % and distain! And voilà, the stock price might go down with it concept by mailing themselves DVD! Flying with Hastings to Dallas to try to convince Blockbuster CEO John Antioco to buy Netflix for $ million... Evaluate his talent so he can continue to empower them to follow—lead, ” McCord remembers telling him time! Concept by mailing themselves a DVD nouveaux pays a roster of bill hastings netflix talent Hastings asked Sarandos he. Has the kind of background that allows one not to! ” bill hastings netflix! ( 1984 ) stock market hated it, and the Jerk, (! Canada as William Kenneth Hastings story, ” Hastings says effectively themselves ”. S heartbreaking, ” McCord remembers telling him i write about the tech juggernauts, the legacy media and. From an Olympic team CEO since 1999, avoid personal attacks and threats of any.... Of hand Kenneth Hastings of actively seeking out dissent before launching any initiative... Heartbreaking, ” he pondered, and voilà, the idea out of hand the latest which... To discover and new TV shows and movies are added every week the consumer ’. 6, 2019 better mousetrap, albeit Within the confines of inventory and! All over the world. ” quickly backed off dollar to secure the right.! Far out all over the world. ” convince Blockbuster CEO John Antioco to buy for. Of Hollywood ’ s making me a better person. ’ ” if there were no late fees?,...