How CEO Reed Hastings disrupted the subscription-entertainment industry and built a $170 billion empire
By many accounts Reed Hastings had lost his mind. The year was 2011, and the Netflix cofounder and CEO had just made a decision that cost him 800,000 subscribers in one quarter. The company’s stock price plummeted 35 percent. The market was punishing Hastings’ company for raising its subscription prices 60 percent and splitting the streaming and DVD-delivery service into two separate subscriptions. Pundits questioned Hastings’ fitness for the job. The Huffington Post called the move “monumentally stupid.” A headline on Mashable compared it to the New Coke debacle.
This was what anyone would call, in polite terms, a teachable moment, and Reed Hastings was the rare leader who possessed the intelligence and humility to be taught. Within a month he had reversed the decision to split the service in two, but he kept the price hike. It turned out to be the right move: Change course, but preserve the objective. At the time, Netflix stock was trading at $77.50 a share. Today it’s worth $400.
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WATER WORLD
The New York Yacht Club team, American Magic, will make another run at the America's Cup in Barcelona through October
THE 2024 MAXIM HOT 100
What does it mean to be hot? Maxim's eagerly anticipated Hot 100 portfolio asks just that, charting the individuals who are blazing a trail in entertainment, fashion, sports and pop culture. Not only are these world-class stars soaring high, breaking ground, smashing records and inspiring future generations with their inimitable talent and determination, they're doing it all while emitting a sizzling, sparkling energy that leaves us in awe. Read on with caution: These names are on fire right now!
Class Act
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Unexpected BEAUTY
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TURKISH DELIGHT
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The CHOSEN ONE
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MONDO DINO
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Sweet Caroline
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SPORTS STAR
A conversation with Meg Stewart, Division 1 soccer player-turned-sports and talent agency president
