SAN FRANCISCO (AP) — CEO Reed Hastings says he believes the bone-headed decisions that have dragged down the Internet’s leading video subscription service will be forgotten like a bad movie made by a great film director.
Shaking off the stigma of a massive flop won’t be easy. But Hastings sounded confident Tuesday at an investor conference that he could pull it off.
Hastings predicted Netflix Inc. will overcome its recent adversity and remain at the forefront of a shift that increasingly will turn watching Internet-distributed video into one of the world’s most popular pastimes. This coming as mobile devices with high-speed connections and more sophisticated televisions become commonplace.
Investors have their doubts. The company’s stock price has plunged by more than 75 percent amid a customer backlash triggered by price increases imposed by Hastings.