In Medias Res was asked this week: in what areas of the media industry are there opportunities for innovation?
Reed Hastings, CEO and entrepreneur of Netflix gives good advice about being an entrepreneur in the media industry. He also gives good tips and his visions for Netflix, which leaves way to improvement within the media industry. When asked his advice on becoming a successful entrepreneur he remarked, “creating freedom and responsibility” in the work place. One example of freedom and responsibility is having no vacation policy. If you work for Netflix, you don’t have a set amount of days you can take off for vacation according to Reed Hastings. Yet freedom and responsibility aren’t the only improvements being made within Netflix and the media industry. Reed Hastings has some visions that could change the online streaming of TV and movies forever.
Entrepreneurs have taken over the media industry. A rise in the use of social networking, Facebook, Twitter, and Google +, but social media isn’t the only sub-industry that has effective entrepreneurs. Netflix’s Reed Hastings has two visions for Netflix. Netflix is taking advantage of the fact that the internet has evolved our culture. He plans to “change the online experience” because of the fact that internet has gone from dial up to fiber. This one single changed has allowed Netflix to work faster and be able to stream more videos, thus making the online experience much more enjoyable, and Reed Hastings point of taking advantage of the internet as a success.
Reed Hastings has also said that he would like to take the mobile market and go global with Netflix as his second vision. According to Forbes.com, “there are 5 billion people on mobile.” With the 5 billion projected people on mobile as Netflix’s audience, Reed Hastings says, “His dream is to see Netflix rolled out across the globe, in the process of becoming the world’s best entertainment distribution platform.” With both of these projected goals, Mr. Hastings wants to basically take over the world with internet and mobile domination of entertainment.
Reed Hastings is also the guy who was sitting in a hot tub a few months ago while his friend told him that splitting Netflix's services into two would be a bad idea. Hastings ignored his friend and look at the situation Netflix is in today. Seeing as how Netflix recently lost roughly 800,000 subscribers and their shares dropped 35%, I doubt Hastings will be able to take over the world with internet and mobile domination of entertainment.
ReplyDelete1) I love Rand's comment. 2) I still believe in Netflix though- they are still filling a consumer need for more direct access to different movies/tv shows. Yes, it comes with a lot of disappointments- especially as of late. They just need to refocus, save face, and get back on track.
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