Reed Hastings: Early Years (02:02)
Reed Hastings grew up outside Boston, attending Bowdoin College and eventually earning his Masters of Computer Science at Stanford. Teaching in the Peace Corps inspired Hastings, who avoids the limelight
Reed Hastings: Pure Software and Stanford (03:13)
Seeking to solve errors in collaborative computer programming, Reed Hastings founded his first company and recruited other great minds. After selling in 1995 for $750 million, Hastings successfully advocated for charter schools in California.
Reed Hastings: Founding Netflix (02:09)
Plagued by a movie rental late fee, Reed Hastings was inspired to found Netflix in 1997. His business model hinged on customers renting DVDs, at a time when less than 1% of households owned a DVD player.
Reed Hastings: Innovative Technology (03:11)
Netflix innovated now-commonplace internet tools like computer generated recommendation engines and queues. In 2000, Blockbuster declined an invitation to partner with Netflix.
Reed Hastings: Weathering the Millennium (02:09)
Between 1999 and 2001 Reed Hastings struggled with Netflix, laying off one-third of the labor force and canceling their first IPO. When the price of DVD players dropped at the end of 2001, business increased substantially.
Reed Hastings: Competition (03:12)
After going public in 2002 competitors Blockbuster and Walmart launched similar services, resulting in a price war. Reed Hastings lost his seat on the California State Board of Education after pushing for bilingual programs.
Reed Hastings: Success and Streaming Service (03:13)
Competitors folded after a few years, allowing Netflix to control the market. A decade after his first inspiration, Reed Hastings began streaming movies to PCs.
Reed Hastings: Moving Quickly (04:14)
Although Reed Hastings secured quality content, consumers defected when Netflix split their DVD and streaming services. Original programming has led to an increase in subscribers.
Credits: Reed Hastings (01:08)
Credits: Reed Hastings
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