Apr 14, 2018

Netflix CEO: Why $8 billion investment in content still isn't enough

Ina Fried, author of Login

Photo: Netflix

Netflix expects to spend about $8 billion on content this year. CEO Reed Hastings says that's still not enough.

Why it matters: The company is competing against a range of traditional entertainment companies around the globe, and of course, against the need to work, sleep and do other things.

Speaking at TED in Vancouver, Hastings noted that $8 billion is about what Disney spends.

"That’s spread globally," he said. "It’s not as much as it sounds."

Not first foray: Hastings noted that House of Cards wasn't really the company's first effort at original content. It had tried back in the days when it was still mailing out DVDs.

"It didn’t work out because we were sub-scale," he said.

He also touched on a range of other issues, including his role on the board of Facebook:

  • On Facebook: Hastings said the entire social industry is “clearly trying to grow up quickly" and that "all new technologies have pros and cons. In social we are just figuring it out."
  • On his leadership style: "I pride myself on making as few decisions as possible," he said. "Sometimes I can go a whole quarter without making any decisions."

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Coronavirus dashboard

Photo Illustration: Sarah Grillo/Axios. Photos: Noam Galai, Jamie McCarthy, Josep Lago/AFP, Alfredo Estrella/AFP, and Narayan Maharjan/NurPhoto, all via Getty Images

  1. Global: Total confirmed cases as of 2 a.m. ET: 6,170,474 — Total deaths: 372,099— Total recoveries — 2,642,188Map.
  2. U.S.: Total confirmed cases as of 2 a.m. ET: 1,790,191 — Total deaths: 104,383— Total recoveries: 444,758 — Total tested: 16,936,891Map.
  3. Public health: Black Americans' competing crisesCoronavirus looms over George Floyd protests across the country.
  4. 2020: AIPAC conference in March 2021 canceled.
  5. Economy: What U.S. workplaces may look like next — Both part of America's unfinished businessFuture of mobility in post-pandemic world.
  6. World: Former FDA commissioner says "this is not the time" to cut ties with WHO — White House sends 2 million doses of hydroxychloroquine to Brazil, 1,000 ventilators to come.

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Illustration: Eniola Odetunde/Axios

Climate change and the coronavirus have a lot more in common than the letter C, but their differences explain society’s divergent responses to each.

Why it matters: The Internet is full of comparisons, some from biased perspectives. I'm going to try to cut through the noise to help discerning readers looking for objective information.

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George Floyd protests: Unrest continues for 6th night across U.S.

A protest near the White House on Sunday night. Photo: Alex Wong/Getty Images

Most external lights at the White House were turned off late Sunday as the D.C. National Guard was deployed and authorities fired tear gas at hundreds of protesters nearby, per the New York Times.

What's happening: It's one of several tense, late-night standoffs between law enforcement and demonstrators in the United States.