SINGAPORE - NOVEMBER 09: Netflix CEO Reed Hastings speaks during an interview on day two of the Netflix See What's Next: Asia event at the Marina Bay Sands on November 9, 2018 in Singapore. by Ore Huiying/Getty Images for Netflix
Behind every successful company are a hardworking and optimistic team that dedicates itself to the goals and aspirations, led by the leader or founder who started the move in creating possibilities. Netflix is one of the most popular streaming providers, and media and entertainment conglomerate in the world, with CEO and co-founder, Reed Hastings, still leading the company through his 'No Rules' philosophy in the workplace.
Netflix is one of the companies that uphold the modern approach to business and the company that mainly focuses on quality and productivity. Netflix's 'No Rules' strategy is proving itself for the company's success and growth, as seen on its worldwide demand and popularity.
Chief executive officer, Reed Hastings, brought Netflix to international fame and success, despite the many hindrances and backlashes the company received while starting. Before online video streaming platform, Netflix is a home-delivered video subscription platform that resembles several video rental companies.
The growth of Netflix as a video streaming company occupies a whopping 15 percent of the entire world's internet bandwidth, according to Fortune. This number is different companies shared a considerable percentage as several of those parts in other industries. Netflix's stake in the world's bandwidth indicates that it is highly-used and preferred by users.
According to Financial Times, Reed Hastings' philosophy of 'No Rules' within the company helped dramatically in the growth of Netflix and even its content development, Netflix Originals, that siphons viewers and profit for the company.
Reed Hastings and Netflix's Growth as the World's Largest Streaming Platform
MADRID, SPAIN - APRIL 04: CEO Of Netflix, Reed Hastings, attends the red carpet during the Netflix presentation party at the Invernadero del Palacio de Cristal de la Arganzuela on April 4, 2019 in Madrid, Spain. (Photo by Juan Naharro Gimenez/Getty Images for Netflix)
Netflix, Inc., is an American multinational entertainment and media company based on Los Gatos, California, established in 1997. American entrepreneurs, Reed Hastings and Marc Randolph spearheaded the creation of Netflix, primarily as a video-rental company during the late 90s.
According to Britannica, Netflix immediately moved to the online world in 1999, offering its rental services through the internet with a monthly subscription fee. Netflix would then ship DVDs directly to the subscriber's home with an envelope for mail returns. Netflix then had thousands of movies, films, and television series in its catalogs, much like the current streaming platform.
Reed Hastings and Marc Randolph's innovation connects people who are far away from video rental stores to videos that are available there. The iconic home-video subscription made Netflix a success during its early days.
Reed Hastings, before Netflix
Reed Hastings was born in Boston, Massachusets. In 1983, Hastings received a degree from Bowdoin College in BA Mathematics. From 1983 to 1985, Hastings joined the Peace Corps in Swaziland as a high school math teacher. Reed Hasting's return to the country in 1985 led him to acquire a master's degree in Computer Science which he completed in 1988 with Stanford University.
Before the iconic venture into the video-rental subscription, Reed Hastings founded the so-called 'Pure Software' in 1991. This particular product is a tool to help software developers and was soon bought by Rational Software in 1997.
Netflix's Foundation and Recipe for Success
PARIS, FRANCE - SEPTEMBER 19: In this photo illustration the Netflix logo is seen on September 19, 2014 in Paris, France. Netflix September 15 launched service in France, the first of six European countries planned in the coming months.(Photo by Pascal Le Segretain/Getty Images)
'Netflix' came from the words 'internet' and flicks, a.k.a. movies, highly signifying that the company will purely be based on online video subscription. In the year 2000, Netflix famously approached Blockbuster for a partnership or even a sell-out for $50 million, which the Blockbuster CEO laughed and brushed off.
Netflix's success is from Reed Hastings' philosophy of 'No Rules' with Freedom and Responsibility at the very core, as found on Netflix's Culture. This idealism characterizes Netflix more of a team rather than a family. The team's members each has its duties and responsibilities to fill, acting as a whole to attain one goal.
Reed Hastings' molding of Netflix as a team with freedom and responsibility as core made it a 'high-density team' according to Hastings and Erin Meyer's book, No Rules Rules. The CEO highly attributes the success of Netflix to the whole team that made the growth possible.
