How Netflix Multiplied Its Value By 500x #scottsthoughts artwork
Success Story with Scott D. Clary

How Netflix Multiplied Its Value By 500x #scottsthoughts

  • E175
  • 14:06
  • October 10th 2021

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This story dates back to 1997, beginning with the failure of the highly popular Blockbuster. For those too young to remember, Blockbuster was a movie rental service with physical stores of DVDs all across the United States. 

The general American tradition back then was you rent a movie on a Friday and then give it back on a Monday. Back in 1997, Blockbuster was a billion-dollar company with more than 6000 stores in the US alone, having revenue of 391 billion dollars.

But the problem was that 16% of that revenue came from late fees, which was annoying millions of its customers. One of the customers got fined an excessive amount of $40 in late fees. It annoyed him so much that he went on to start a company of his own. 

This man was none other than Reed Hastings, and the company he founded is what we know as Netflix today. 

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Success Story with Scott D. Clary

Welcome to the Success Story Podcast, hosted by entrepreneur, business executive, author, educator & speaker, Scott D. Clary (@scottdclary).

On this podcast, you'll find interviews, Q&A, keynote presentations & conversations on sales, marketing, business, startups and entrepreneurship.

Scott will discuss some of the lessons he's learned over his own career, as well as have candid interviews with execs, celebrities, notable figures and politicians. All who have achieved success through both wins and losses, to learn more about their life, their ideas and insights.

He sits down with leaders and mentors and unpacks their story to help pass those lessons onto others through both experiences and tactical strategy for business professionals, entrepreneurs and everyone in between.

To get more of the Success Story podcast, go to www.successstorypodcast.com.