Netflix, Inc. is an American media-services provider and their headquartered in Los Gatos, California. It was founded in the year 1997 by Reed Hastings and Marc Randolph in Scotts Valley, California.
Basic Information about Netflix
- Official Name: Netflix Inc.
- Founders: Reed Hastings and Marc Randolph
- Official Website: https://www.netflix.com/
- Owned By: Morgan Stanley, Reed Hastings
- Organization: Production Company
- Founded Date: 29th August 1997
- Location: Scotts Valley, California, United States
Let us find out some more information on these both Netflix founders:
Reed Hastings is one of those who recognize his rivals without hesitation just by listening to their voices. He respects them, although he does not fear them, nor does he have to: Hastings is Netflix. And it will go down in the history of the entertainment industry as the person who revolutionized, two decades ago, how series and movies are consumed.
The earthquake caused eventually forced the old business titans to join forces. The truth is that to be successful entrepreneur in the US, it is a prerequisite to have a good story, and Hastings began with frustration.
Legend has it that he founded the Netflix portal in 1997 because the blockbuster chain charged him $40 for losing a VHS from the movie Apollo 13. He was ashamed to have to pay for that infraction. But that embarrassment led him to try to create a model that allowed him to rent movies without leaving home. A fixed-rate would allow access to the service. It helped that in those years the format of VHS tapes began to be abandoned and DVD compact discs were imposed.
Hastings put his idea to the test by mailing a CD with a current seal. It came a day later and that was his eureka moment. The business model he created was ground-breaking and soon cramp with Blockbuster. But his vision was faster than postal mail. Thanks to his studies in computer science, he understood that this content could, someday not too far away, be distributed over the Internet. It was only necessary to compress it so that the data arrived through the Network.
Earlier life of Reed Hasting:
Hastings, 57, was born and raised in Boston. Bowdoin College accepted him to study mathematics. But before enrolling, he extended for a year a summer job he had selling home vacuum cleaners.
After graduating with honours in the spring of 1983, he took flight to Swaziland, where he dedicated himself to teaching mathematics in a school for two years with the Peace Corps, an independent federal agency of the United States that sends volunteers to 70 countries of the world and was founded by Kennedy The experience enriched him greatly.
After finishing his studies, he founded his first company, Pure Software, in 1991. He sold it and with that money he financed his next project, Netflix, with his battle partner in this adventure, Marc Randolph.
Hastings is presented in a passionate and confident public, but without being arrogant. He says he is the first surprised by the success of his business. But that modesty is not incompatible to harness the power of the Internet better and faster than the rest. Netflix represents 40% of the data traffic that moves in the maximum audience time slot in the US.
The process that led to the creation of Netflix is much more complex than it might seem. The original name of the company was Kibble. Hastings acted at the beginning of the investor rather than the manager because he was dedicated to his other passion, education.
That was until Netflix began to succeed and captured his interest as an entrepreneur. He became more and more involved in the day-to-day business and ended up replacing Randolph, who left the company in 2002.
Hastings, thanks to its ability to analyze, is very good at identifying problems at an early stage and is very quick to find solutions. And that combines it with an ability to manage a large-scale structure.
Fortune of Reed Hastings:
Reed Hastings’s fortune is around 3.1 billion, according to the classification of Forbes magazine. But it is not so much money compared to the assets of other magnates of the technological universe such as Jeff Bezos (Amazon) or Bill Gates (Microsoft).
It ranks 390th in the list of rich in the US. The entrepreneur recently announced the creation of a $100 million fund that aims to change the way children learn by offering greater access to quality education.
He does declare himself an animal lover and his house in Santa Cruz is full of creatures, including two small goats from Nigeria. And by the way, he says he sees Netflix when he has time.