MUMBAI: As the digital era ushers in with full gusto, Netflix CEO Reed Hastings is of the opinion that in a few years’ time, television will move to the internet completely, which has made many a international players in the cable and television broadcast industry shifty in their positions.
In a recent interview with CNBC, Hastings said that in the next 10 to 20 years, television will shift completely to Internet, and his two cents are on the fact that Internet will be one of the fastest growing industry.
Hastings may come off as bold, but his statement are in fact backed by facts and figures. The recent drop in subscription rates seen by television giants like Disney and Fox clearly indicates how rapidly the consumer is choosing internet as their staple platform for content consumption, be it entertainment, fiction or non-fiction. On the other hand, Netflix confirmed an addition of 3.3 million new subscribers in their quarter ending in July.
When asked for his opinion on more and more people choosing to watch television on the internet rather than cable TV, Hastings told CNBC, “There are a few people that have cut the cord, but it is very, very small still today. But it's a worry about the long term.”
Considering its humble beginnings as a mail-order DVD company in 1997 to being an internet colossus worth over $32 billion, it will be right to say that Netflix is in for the long haul may even outrun some of the world’s biggest cable networks.
The credit goes to internet, says the CEO of one of the world’s largest online video streaming platform. “It's really the Internet. The Internet is transforming so many sectors of our economy, and we are Internet TV; and that sector has grown from very small 15 years ago to starting to be significant now,” Hasting asserted enthusiastically in his interview.
Armed with analytics tools, Hastings stressed the importance of learning and evolving through time and new technology updates to survive in the market. “We are just a learning machine. Every time we put out a new show we are analysing it, figuring out what worked and what didn't so we get better next time,” he adds.
He also mentions that Orange is the New Black and House of Cards -- Netflix’s two original shows - are the platform’s trump cards. With their ambition to spread their reach in Asia Pacific and the Indian subcontinent, the question remains if this formula will have the same impact as it did in America and Europe, especially in India, where broadband speed is still not up to international standards.
