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Netflix’s Hastings says there is ‘not enough TV’

Netflix co-founder and CEO, Reed Hastings

Netflix co-founder and CEO, Reed Hastings

Netflix boss Reed Hastings has said there is not “nearly enough” TV content in the market, coming out in strong opposition to the likes of FX boss John Landgraf who has said there is a glut of programming that is causing a ‘malaise’ among viewers.

The Netflix chief added that Netflix will be investing in more content for its streaming service and that the real challenge is making quality shows. “We have a lot of choice, but if you do great content, you’ll find great viewers,” he said.

Hastings was speaking at the DealBook conference yesterday.

He said Netflix would not be investing in news or live sports in the near future, and added that traditional broadcasters seeking to take on Netflix and its streaming counterparts should be looking to invest more in their TV Everywhere services.

“We’ve always been most scared of TV Everywhere as the fundamental threat,” Hastings said. “That is, you get all of this incredible content that the ecosystem presents, now on demand, for your same US$80 a month. And yet the inability of that [traditional pay and free TV] ecosystem to execute on that, for a variety of reasons, has been troubling.”

“Now, some of the independents — HBO, Showtime — have done a much better job. Their business model is much more straightforward, because it’s subscription. So they’re leading the pack in terms of now getting out there and marketing to subscribe directly as a consumer.