Business Unusual, Evergreen Content

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

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
South Africa is flirting with recession. Again. How to 'create your own economy'

South Africa is flirting with recession. Again. How to 'create your own economy'

The timing could not be better to create your own economy, says small business guru Pavlo Phitidis.

2 out of 5 MPC members wanted to cut rates. Lesetja Kganyago said, 'No!'

2 out of 5 MPC members wanted to cut rates. Lesetja Kganyago said, 'No!'

Inflation is low; the economy is weak. But Lesetja Kganyago is taking no chances, says FNB's Mamello Matikinca-Ngwenya.

Enjoy life and save for the future by splitting income using the '50/15/5 rule'

Enjoy life and save for the future by splitting income using the '50/15/5 rule'

You only live once — personal finance guru Warren Ingram on divvying up your income if you're not the budgeting type.

You can now apply to generate electricity and feed it into the grid

You can now apply to generate electricity and feed it into the grid

The change comes after Energy Minister Jeff Radebe told the National Energy Regulator of SA to license applications to do so.

'Thuli Madonsela’s name has been mentioned for Deputy President'

'Thuli Madonsela’s name has been mentioned for Deputy President'

Lumkile Mondi (Wits), Ferial Haffajee and Busisiwe Mavuso (Business Leadership SA) on the President's upcoming "slim" Cabinet.

Former Morning Live co-anchor Tracy Going opens up, gets vulnerable about money

Former Morning Live co-anchor Tracy Going opens up, gets vulnerable about money

Former Morning Live co-anchor Tracy Going opens up about her attitude to money (hopes and fears, successes and failures, etc.).

Popular articles
Former Morning Live co-anchor Tracy Going opens up, gets vulnerable about money

Former Morning Live co-anchor Tracy Going opens up, gets vulnerable about money

Former Morning Live co-anchor Tracy Going opens up about her attitude to money (hopes and fears, successes and failures, etc.).

'Two officers jumped out of the car and started assaulting me'

'Two officers jumped out of the car and started assaulting me'

Graham Westcott tells Kieno Kammies about how the police allegedly attacked him in Sea Point, Cape Town.

[WATCH] Twin toddlers climbing a fridge has Twitter in stitches!

[WATCH] Twin toddlers climbing a fridge has Twitter in stitches!

Khabazela shares tweets and Facebook posts that have gone viral.

'If you want to clear your name, why would you postpone your swearing-in?'

'If you want to clear your name, why would you postpone your swearing-in?'

Former ANC MP Melanie Verwoerd says she is not convinced by David Mabuza's reason to temporarily step aside as an MP.

Boeing 737 MAX: 'Sensor broke off, computer misread data and fought the pilots'

Boeing 737 MAX: 'Sensor broke off, computer misread data and fought the pilots'

Guy Leitch, the managing editor of SA Flyer Magazine, provides insights into what caused the airplane crash.

'Thuli Madonsela’s name has been mentioned for Deputy President'

'Thuli Madonsela’s name has been mentioned for Deputy President'

Lumkile Mondi (Wits), Ferial Haffajee and Busisiwe Mavuso (Business Leadership SA) on the President's upcoming "slim" Cabinet.

Four men die after inhaling hazardous fumes in Cape Town factory

Four men die after inhaling hazardous fumes in Cape Town factory

Police are investigating the deaths which took place at Atlantic Recycling factory in Parow on Tuesday afternoon.