In this episode, Nam and Sean discussed Netflix, one of the most popular streaming services ever exists. They went back to 1997 where Netflix started its journey to become one of the most influential companies of the generation. They talked about the challenge and obstacles that almost led Netflix to bankruptcy after failed to be acquired by their famous rival Blockbuster. Thanks to the leadership of Reed Hastings, the company did not only survived but also thrived and adapted to the fast-changing streaming market. Tune in for more Netflix and chill!

Note:

Netflix was first founded in August of 1997 by two serial entrepreneurs, Marc Randolph and Reed Hastings

At first people order the DvD and Netflix send it to your home and after you done you send it back

Dot com bubble almost kill Netflix and force the founders to offer to sell the company for Blockbuster for 50 millions

Change from rental to subscription model

Culture:

https://www.slideshare.net/reed2001/culture-1798664

There are 7 Aspects of our culture

Some nuggets:

• Pro sport team, not family
  
  


• Wants star in every position
  
  


• Netflix only hire the best talent
  
  


• Never hire new grad
  
  


• 3+ years experience 300k/year cash
  
  


• 6+ year 450-500k/year cash
  
  


• Redbox and Roku sprung out from Netflix
  
  


• Blockbuster failed but could have won
  
  
  
  
  
  • Debate between DVD vs DVIX for too long
    
    
  
  
  • Investor (Carl eichen) bought out huge percent of blockbuster and replaced ceo with new ceo, someone who didn’t believe in online business. He thought everything would go back to brick and mortar. Netflix was losing sales to blockbuster after bb released total access.
    
    
    
    
  
  
  
  

DotCom bubble:

• In 2001, Netflix layoff 40% of its employee after failing to sell the company to Blockbuster
  
  

Reed Hastings book: https://www.amazon.com/No-Rules-Netflix-Culture-Reinvention/dp/B0845Z14DX/ref=sr_1_1?dchild=1&keywords=no+rules+rules&qid=1626216457&sr=8-1

• Give employees freedom because true freedom comes from careful planning
  
  


• Candor/Honesty
  
  


• Freedom promote accountability