Reed Hastings Net Worth
 |
| Reed Hastings Net Worth |
Reed Hastings net worth is $1.4 billion. He has been successful because he truly understands the importance of adaptability.
Netflix continues to rack up subscribers at an impressive pace and the company had a blockbuster second quarter adding 2.5 million new subscribers.
Netflix began in 1998 with a monthly subscription which started out at $19.95. That price was soon reduced as the number of customers increased.
On Wednesday, July 14, 2015, Netflix reported that it had more than 65 million subscribers: 42 million U.S. and 23 million international. Netflix predicts that it will have 69 million subscribers by the end of the third quarter.
Here are 10 reasons for Netflix's success along with 10 inspiring quotes:
ONE
Netflix CEO states, "We like giving great storytellers big canvases." Netflix chief content officer Ted Sarandos, commissioned The Great Gatsby director Baz Luhrmann to film a drama called The Get Down for Netflix, which will focus on the emergence of punk, disco and hip-hop in New York.
"We rise by lifting others." -Robert Ingersoll
TWO
Netflix understands the value of social media. The company's chief, Reed Hastings sits on Mark Zuckerberg's board. Netflix is available in over 70 countries and for a huge amount of them, separate social media accounts exist, but on a global level the social media strategy is the same.
"The power of social media is it forces necessary change." -Erik Qualman
THREE
Netflix is an analytical competitor. The firm competes on the basis of its mathematical, statistical and data management prowess. Netflix recruits specialists to join team specifically skilled in applying analytical skills to particular areas including personalization analytics and messaging analytics.
"What gets measured, gets managed." -Peter Drucker
FOUR
Netflix understands the importance of delivering content with characters of diverse identities and cultural backgrounds. Netflix's "Orange is the New Black" represents the company's success in original programming. Netflix hit a new streaming record last month thanks to "Orange is the New Black.
"Strength lies in differences, not in similarities." -Stephen R. Covey
FIVE
Blockbuster failed for precisely the same reason that movie theaters lost favor and that Netflix almost wrecked its own dominant position in the marketplace, they all plateaued when they stopped providing value to their customers and instead focused on short-term gains.
"You can't just ask customers what they want and then try to give that to them. By the time you get it built, they'll want something new." -Steve Jobs
SIX
Netflix uses IT to hold down costs. IT is not a strategic weapon in most companies but at Netflix IT is the business. The company understands that the way to get more competitive is to lower your costs and provide better service through continuous improvement of the information technology.
"If you don't have a competitive advantage, don't compete." -Jack Welch
SEVEN
Netflix thrives and stays ahead of competitors because of its renowned customer service. The company is known for its quirky, beloved approach to customer service which helps give it an edge as it battles for viewers in an increasingly competitive industry.
"One customer well taken care of could be more valuable than $10,000 worth of advertising." -Jim Rohn
EIGHT
Netflix understands its value proposition. The company has thought about launching live video streaming yet sees no point in streaming events like the President's address when CNN can do the same thing.
"The essence of strategy is choosing what not to do." -Michael Porter
NINE
Forbes states that Netflix was able to respond to a new generation of technology by providing consumers with a better experience at a lower price. The Harvard Business Review explains that Netflix's simple, generative rules facilitate interaction, help people make trade-offs and set the boundaries within which they can make decisions.
"Intelligence is the ability to adapt to change." -Stephen Hawking
TEN
The Huffington Post explains that Netflix is successful because the company treats its employees like grownups. Reed Hastings and Sheryl Sandberg wrote a PowerPoint explaining how they shaped the culture and motivated performance at Netflix that has been shared over 5 million times on the web.
"Allow people to be themselves. Please want to be great, great companies let them be great." -Arte Nathan
Reed Hastings net worth should certainly motivate you to live the life of victory that you deserve but it is his ability to adapt that you can implement in your life in order to live your life in a more strategic manner where you are better able to take advantage of your opportunities and ultimately succeed.
