Netflix will probably be canceling more shows, CEO says

Netflix will probably be canceling more shows, CEO says

Netflix will probably be canceling more shows, CEO says

You might have also noticed that the streaming service is notorious for being generous with second season renewals for their original series, but Hastings mentioned today that he'd actually like to cancel more of their original shows.

Hastings appeared on the TV program ahead of his panel at the Code Conference in Rancho Palos Verdes, California on Wednesday. The plot of a "kidnapped woman in a bunker most of her life tries to navigate 21st century life" (Unbreakable Kimmy Schmidt) didn't necessarily seem like a home run but Netflix took a risk and it worked. Everything Amazon does is just so incredible... "We're continuing to watch them and be impressed with them - and they are helping to grow the industry because they are investing in the content". "I don't know if they are the biggest [threat], but they are awfully scary ..." AMZN share are trading around $993.

He added that competition has driven up costs, and cited Amazon as one of the biggest threats to his business. In those calls, Amazon is often referred to as a partner, a competitor, or an example to emulate, even by companies whose core businesses are only a sideshow for the e-commerce giant.

When Netflix's films were shown, some people in the audience booed.

We should have a higher cancel rate overall. "These are two winners of that description, Amazon with Prime and Netflix with its own service".

"The big focus is on worldwide", Hastings said. "Mostly, it is how many people watch". According to J.P. Morgan estimates, Amazon's video content budget for 2017 is about $4.5 billion while Netflix is willing to spend $6 billion on content in 2017. "That's what we want", he said.

Netflix will probably be canceling more shows, CEO says
Netflix will probably be canceling more shows, CEO says

"There are so many great shows we don't have yet", he said.

Netflix is nearing saturation in the U.S.

At the same time, Hastings believes that even if Netflix was very outspoken about the issue, there's no changing the mind of incoming FCC chair Ajit V. Pai, who has already begun rolling back the net neutrality rules put in place under the previous administration. "There are so many great shows on Netflix, but there are so many great shows we don't yet have".

In the interview, Hastings reiterated that Netflix still plans to keep increasing its spending budget for content.

And in a bit of a surprise, Hastings offered a hint about how Netflix now determines success or failure.

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