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“Thank God” Blockbuster didn’t want to buy us



NFLX) did not dominate the streaming industry, and now entertainment in general. But for co-CEO Reed Hastings, who co-founded Netflix in 1997, the early years are a reminder of how persistent it took to survive. “Data-reactid =” 16 “> It’s hard to remember a time when Netflix (NFLX) did not dominate the streaming industry – and now entertainment in general ̵

1; but for co-CEO Reed Hastings, who co- founded Netflix in 1997, the early years are a reminder of how persistent it took to survive.

Hastings recounts a particularly memorable – and now memorized – anecdote in his new book, written with culture leader and writer Erin Meyer, “No Rules Rules: Netflix and the Culture of Reinvention.”

In 2000, Hastings tried to sell Netflix to Blockbuster for $ 50 million and was rejected by then CEO John Antioco.

At first, Blockbuster was widely perceived as the visionary leader of the next generation in home entertainment. The behemoth popularized the large-scale video rental model. At its peak, Blockbuster had over 9,000 stores around the world. Netflix had just entered the scene, focusing on the DVD-by-mail space and eventually building its streaming technology platform.

When asked to be rejected, Hastings said, “Well now I say thank God they didn’t want to go on. [with the deal]. But you know, at the time they were so formidable and even later, when we went public, we had $ 50 million in revenue, and it was $ 5 billion, so a hundred times bigger than us. “

Influencer with Andy Serwer, “A series of weekly interviews with leaders in business, politics and entertainment.” Data-reactid = “25”> “So for our first decade, [Blockbuster] he was such a big gorilla for our future. And let’s go back to the role of luck. There have been many things that have allowed us to thrive and ultimately have the ability to stream, “Hastings said in an interview with Yahoo Finance during an episode of” Influencers with Andy Serwer “, a series of interviews. with leaders in business, politics and entertainment.

“In 1997 it was clear that the Internet was growing and getting faster and faster and one day it would be able to do television. And that’s what made me differentially confident that you could make DVDs in the mail for a couple of years and then evolve into streaming, ”Hastings added.

Reed Hastings, co-founder and CEO of Netflix, attends the opening of the new Netflix offices in Paris, France on January 17, 2020. REUTERS / Gonzalo Fuentes

193 million paid subscribers devouring its contents in 190 countries. While Hastings has cited competition from its counterparts like Apple + (AAPL), HBO Max (T.), Hulu and Disney + (DIS), along with unconventional players such as Tic knock is to sleep, the iconic brand remains the shining gem in the streaming space. In recent years Netflix has struck exclusive deals with the likes of Shonda Rhimes, the Obamaand, more recently, Prince Harry and Meghan Markle. “data-reactid =” 38 “> Today Netflix has a market cap of $ 223.5 billion, with 193 million paid subscribers devouring its content in 190 countries. While Hastings cited competition from its counterparts like Apple + (AAPL), HBO Max (T), Hulu and Disney + (DIS), along with unconventional players like TikTok and sleep, the iconic brand remains the shining gem in the streaming space. In recent years Netflix has made exclusive deals with the likes of Shonda Rhimes, the Obamas and, most recently, Prince Harry and Meghan Markle.

gimmick on Airbnb. Deschutes County residents who find “impossible to forget the feel, smells and sounds of the possibility-filled corridors of a Blockbuster store,” can pay four dollars to have a sleepover at the store. The three one-night individual bookings available on September 18th, 19th and 20th have been booked. “Data-reactid =” 39 “> Meanwhile, Blockbuster has shrunk to a nostalgic relic of the past. Today, the world’s last remaining Blockbuster in Bend, Oregon, has been turned into an Airbnb gimmick. County residents of Deschutes who find “impossible to forget the feel, smells and sounds of the possibility-filled corridors of a Blockbuster store”, can pay four dollars to have a sleepover in the store The three one-night individual reservations available on 18, 19 and 20 September were booked.

@melodyhahm.“data-reactid =” 40 “>Melody Hahm is a West Coast correspondent for Yahoo Finance focusing on entrepreneurship, technology and culture. Follow her on Twitter @melodyhahm.




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