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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."

Go deeper

14 hours ago - Health

Food banks feel the strain without holiday volunteers

People wait in line at Food Bank Community Kitchen on Nov. 25 in New York City. Photo: Michael Loccisano/Getty Images for Food Bank For New York City

America's food banks are sounding the alarm during this unprecedented holiday season.

The big picture: Soup kitchens and charities, usually brimming with holiday volunteers, are getting far less help.

16 hours ago - Health

AstraZeneca CEO: "We need to do an additional study" on COVID vaccine

Photo: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

AstraZeneca CEO Pascal Soriot said on Thursday the company is likely to start a new global trial to measure how effective its coronavirus vaccine is, Bloomberg reports.

Why it matters: Following Phase 3 trials, Oxford and AstraZeneca said their vaccine was 90% effective in people who got a half dose followed by a full dose, and 62% effective in people who got two full doses.

Updated 19 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus cases rose 10% in the week before Thanksgiving.
  2. Politics: Supreme Court backs religious groups on New York coronavirus restrictions.
  3. World: Expert says COVID vaccine likely won't be available in Africa until Q2 of 2021 — Europeans extend lockdowns.
  4. Economy: The winners and losers of the COVID holiday season.
  5. Education: National standardized tests delayed until 2022.