In the next 10 to 20 years all television will be on the internet, with the internet sector in general “transforming our society,” according to Netflix CEO, Reed Hastings.
Speaking on CNBC’s Mad Money show, Hastings said that while cord cutting is still very small today, in the long term “it’s a worry” for the cable TV industry. He also predicted that sports networks and linear channels will start to go on-demand.
“You’ll be able to watch any game, you’ll be able to watch it on any device. Think of all the current linear networks – they’re going to go to on-demand also, just like HBO has,” said Hastings.
Asked about the disruptive influence of Netflix, Hastings said: “The taxi cabs have not been able to hold back Uber, Walmart has not been able to hold back Amazon, so really it’s a sector thing; the internet just offers such power.”
“There’s this big internet sector story that’s transforming our society – not as fast as we thought in the 90s but when you look at the big picture now it’s pretty impressive,” he added.
Asked why Netflix’s success hadn’t been replicated globally, he compared the service to Starbucks – “it doesn’t seem that hard to make coffee, yet one coffee chain is amazing around the world.”
He also praised Netflix’s workforce, “the heart and passion” at the company, and the execution of its strategy, for its ascent.
Earlier this year, Netflix confirmed plans to launch in Portugal and Italy in October this year. In the same month it intends to go live in Spain for the first time.
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19 October 2020 @ 12:30:00 UTC