Why did Reed Hastings create Netflix?

Reed Hastings is an American billionaire businessman who is the co-founder and CEO of Netflix.

Reed Hastings created the company in 1997 to provide a more convenient and cost-effective way for people to rent movies.

“I had a big late fee for Apollo 13. It was six weeks late and I owed the video store $40. I had misplaced the cassette.”

“It was all my fault. I didn’t want to tell my wife about it. And I said to myself, ‘I’m going to compromise the integrity of my marriage over a late fee?’

“Later, on my way to the gym, I realized they had a much better business model. You could pay $30 or $40 a month and work out as little or as much as you wanted.”

Reed Hastings stated that when he founded Netflix, he had no idea if customers would use it. He believes that Internet television is the way of the future.

He attributes his shift in strategy for developing a video streaming service to YouTube. In 2007, Netflix launched a service to stream movies and television shows to computers.

Today, Netflix is one of the world’s leading streaming services and has revolutionized the way people consume media.