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Netflix In 2000
In 2000, Netflix co-founders Reed Hastings and Marc Randolph tried to sell their company to Blockbuster for $50 million.
“Of course, [Blockbuster] wasn’t interested. What did we possibly have to offer that they couldn’t do more effectively themselves?”
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Netflix Was A Game changer
But as the world changed, it became clear that Netflix did have something different.
In 2010, Blockbuster declared bankruptcy — they’d been unable to transition from DVD rentals to streaming.
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Netflix’s Revenue Skyrocketed
By 2019, Netflix had over 167 million subscribers in 190 countries and its original film Roma won three Oscars. Why did it, and not Blockbuster, succeed?
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Netflix Work Culture
NETFLIX’S CULTURE PROMOTES FREEDOM AND RESPONSIBILITY AND HELPS EMPLOYEES INNOVATE AND ADAPT
Netflix has what Hastings calls a “no rules rules” culture. They value “innovation over efficiency” and “people over process.”
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Freedom To Explore
This means employees are given free rein to pursue new ideas that they see as in the best interest of the company.
This flexibility leads to new discoveries and allows Netflix to consistently reinvent itself in a rapidly changing world.
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Netflix Culture Of Freedom
It’s important to note that Netflix’s culture of freedom is made up of three elements:
- building up talent density,
- increasing candor, and
- reducing controls.
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Reduce Control
Highly successful and creative people can innovate better with more freedom.
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IDEAS CURATED BY
CURATOR'S NOTE
Best book I read in 2020. If you are looking for a book to help you with setting up and managing high performing teams, this is the book for you. How Netflix manages the team, vacation policy etc. you won’t be disappointed.
“
Curious about different takes? Check out our No Rules Rules Summary book page to explore multiple unique summaries written by Deepstash users.
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