Reed Hastings, CEO of the foremost streaming service- Netflix in a recent interactive section emphasized on the importance of time spent on streaming content over the numbers of subscription on the platform
At a recent Dealbook Conference hosted by New York Times on Wednesday — Netflix founder and CEO, Reed Hastings was given a chance to share some of his concerns about the increasing numbers of streaming services. Surprisingly, Reed doesn’t have any beef with other streaming services, or perhaps those on the way, especially Disney+ which is perceived to be the biggest threat for the company.
On the contrary, Reed informed that he is actually planning on subscribing to the upcoming Disney+ by the time it launches, as a way of saying that he is peaceful with their entrant into the streaming space.
While his not all that Reed talked about during the conference, he went further to address a wide range of topics, some of which include his confidence in Netflix’s position in the streaming market. According to him, despite a new wave of competition from the likes of Apple and Disney, his only concern is rather with respect to how long people stream on the platform.
In his own view, it is rather unrealistic to believe that consumers will only stick to a single service, hence the need to embrace peace with the new entrants. Also, he made claims that the real numbers lie in how long people stay on the platform to stream, and not in subscription figures, although that doesn’t rule out the importance of having reasonable numbers of subscribers on the platform. “The real measurement will be time,” he told moderator Andrew Ross Sorkin.
That been said, Reed also put into consideration that Netflix can’t solely depend on its laurels, especially in the wake of deep-pocketed rivals like the upcoming Disney+. However, Reed told that Netflix will rather compete on the basis of no-in-service advertising which remains off the table. “We’re very comfortable doing no ads, like Disney Plus, and we’re going to compete on that basis,” he said.
Speaking further, He acknowledged that Netflix “isn’t doing the very biggest movies” and hinted that there could be projects in the pipeline, but added that “We’re not in the business of theaters. We’re in the business of pleasing our members.”