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How Netflix became the 7th largest company in the world

World Wide Worx MD Arthur Goldstuck is back from Los Angeles where he visited the Netflix studios and interviewed Reed Hastings, the inspirational CEO and co-founder of Netflix.

The Money Show’s Bruce Whitfield asked Goldstuck to share the lessons he learned about the rapid growth and wild success of Netflix.

Legend has it that Hasting got the idea for Netflix in response to his frustration with Blockbuster, which he owed $40 in late fees for “Apollo 13”.

Today Netflix is the seventh largest company in the world.

Listen to the interview in the audio below (and scroll down for quotes from it).

Netflix is one of the great, iconic stories of how technology shifts the world…

Arthur Goldstuck, MD - World Wide Worx

Blockbuster rented out Betamax and VHS from a store… The amazing story of Netflix is built on the amazing rise and fall of Blockbuster…

Arthur Goldstuck, MD - World Wide Worx

Late return fees contributed 70% of [Blockbuster] revenues... They pushed one client too far…

Arthur Goldstuck, MD - World Wide Worx

Netflix is going to go very large in Africa and South Africa.

Arthur Goldstuck, MD - World Wide Worx

Netflix asked Blockbuster to buy them out… They literally laughed him [Netflix co-founder Reed Hastings] out of the hotel…

Arthur Goldstuck, MD - World Wide Worx

Netflix changed its business model to a monthly subscription service, transforming the video rental industry in the United States...

Arthur Goldstuck, MD - World Wide Worx

Blockbuster, in fact, committed suicide. It wasn’t Netflix that killed it.

Arthur Goldstuck, MD - World Wide Worx

Netflix is losing all the Marvel titles… So, Netflix is investing heavily in superhero series that it owns…

Arthur Goldstuck, MD - World Wide Worx

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This article first appeared on 702 : How Netflix became the 7th largest company in the world


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