IBD Leaders & Success Features Netflix CEO Hastings
Maura Lockwood, Cabot Headline News
July 01, 2009
Investors Business Daily featured Netflix CEO Reed Hastings in its Leaders & Success profile today, relaying Hastings' story of how he turned the DVD rental company into the world's largest online movie rental service with 10.3 million subscribers.
Hastings credits his early experiences including selling vacuum cleaners, being a Peace Corps math teacher and a software developer as helping him to become a successful entrepreneur, according to IBD.
Hastings incorporated Netflix as a DVD by mail rental service in 1997, about the same time mass-market sales of DVD players and movies began in the U.S., but it wasn't until Hastings began the Netflix subscription service in 1999 that the company really took off.
Netflix is forecasting year-end subscribers of 11.2 million to 11.8 million, and full year revenue of $1.63 billion to $1.billion, up 20% to 22% from 2008, according to IBD. Netflix is a Cabot Top Ten Report stock.
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