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Netflix CEO forecasts death of TV as we know it

Getty

Getty

Netflix CEO and chairman Reed Hastings has predicted in 10 to 20 years time we’ll all be watching television online.

According to the head honcho of the popular streaming company, the massive growth his company has witnessed is evidence that change is on the way.

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“It’s really the Internet,” Mr Hastings told CNBC’s Jim Cramer.

“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.”

Mr Hastings said Netflix, which added a whopping 3.3 million subscribers in the first quarter of this year, was constantly learning and adapting.

He attributed much of its success to original programming like House of Cards and Orange is the New Black.

“We are just a learning machine. Every time we put out a new show, we are analyzing it, figuring out what worked and what didn’t so we get better next time,” he said.

At last count, around 855,000 homes in Australia had a Netflix subscription.

According to an August study, the growth of subscribers was slowing after a blockbuster local launch for the company in April this year.

Topics: Netflix
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