Even founders have to develop! With this reason, Reed Hastings, founder of the world’s largest subscription streaming service Netflix, swapped the executive chair for the post of chairman of the board. His position is now a new one, the change means a final farewell to day-to-day business.
Kurt Sagatz is an editor for media and digital consumer topics. For him, the streaming market is one of the most fascinating developments in the entertainment industry.
But his power at Netflix, which is now based on 230 million paying users in almost all parts of the world, is unbroken. And that’s a good thing, because it rewards entrepreneurial courage by which one’s competitors could be measured – if they worked under the same conditions.
Reed Hastings streaming service is unique in the industry in several ways. Netflix started as a subscription service provider for DVDs and expanded its business as an online media library in good time. Other companies with a similar history have long been history.
Hastings has always taken full risks. While other competitors still have at least a second mainstay – such as Disney with the film business, Amazon with the mail order business and Apple with its technology division – everything at Netflix depends on the streaming subscription.
How vulnerable the listed company is, even if there are small interruptions in its success story, was shown at the beginning of last year when the first dip in growth occurred. At the end of the year, there was no longer any question of this, not least because of the controversial royal documentary “Harry & Meghan”.
But there is no guarantee for such success, especially since the others are at least on a par artistically. This applies in particular to the series channel HBO, which has played a key role in driving the development of new serial narrative forms.
However, Netflix has always managed to make a virtue of its special situation. Among other things, with very sharp projects like the 80s coming-of-age science fiction horror series “Stranger Things”. Netflix has also recognized the development of regional and local content faster than others.
Above all, Netflix has the courage, almost unique in the industry, to go its own way in terms of sales philosophy.
Besides Netflix, who else dares toss their treasures to the audience with their hands full. With the consistent binge-watching, in which all episodes of a new series are published at once, Netflix has freed television from the paternalism of conventional TV stations and new streaming services alike. Always hoping that the billion-dollar investments Netflix makes year after year will pay off, time after time.
As a viewer, one can only hope that Netflix founder Reed Hastings will continue to do so in his new role for a long time to come.
