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NETFLIX FOUNDER PREDICTS END OF DVD RENTAL BUSINESS
Tuesday, March 27 2007
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Reed Hastings, CEO of online DVD renter Netflix, has acknowledged that it is only a matter of time before people stop renting DVDs. "Renting DVDs through the mail in 25 years? For sure, that's not going to exist," Hastings remarked in an interview with today's (Tuesday) Wall Street Journal. Hastings acknowledged that the end could come far sooner than 25 years. However, he added, "If one thinks of Netflix as a DVD rental business, one is right to be scared. If one thinks of Netflix as an online movie service with multiple different delivery models, then one's a lot less scared." Hastings said that Netflix is "aggressively" investing in its Internet delivery system, putting $40 million into it this year. "We'll be up to 5,000 films by the end of the year," he said.
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