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Ina Fried Apr 14
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Netflix CEO: Why $8 billion investment in content still isn't enough

Netflix home screen
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."
Axios 36 mins ago
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Axios situational awareness

Trump's next guest: Angela Merkel — 🇰🇵 Otto Warmbier's family is suing North Korea — ⚖️ Cosby found guilty in sexual assault trial — 🌎 Pompeo confirmed as Secretary of State

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Dave Lawler 49 mins ago
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Trump's next guest: Merkel follows Macron

Illustration: Sarah Grillo / Axios

German Chancellor Angela Merkel will arrive in Washington tomorrow a diminished figure — limping into her fourth term after six months of torturous coalition talks and touching down in the afterglow of Emmanuel Macron’s state visit.

Flashback: Days after Trump’s election in November 2016, Barack Obama flew to Germany and hailed Merkel — then TIME’s reigning Person of the Year — as “my closest international partner these last eight years.” Headlines declared that she had, however reluctantly, become the "leader of the free world."