![]() But as Disney, Apple and others enter the streaming business, Netflix faces the biggest challenge in its history. The company that defined the concept of binge watching has continued to reinvent itself. ![]() “Adequate performance gets a generous severance package” is one company saying.ĭeconstructing Netflix’s unique culture of radical transparency is a central theme of a new book by Hastings and business professor Erin Meyer, “No Rules Rules: Netflix and the Culture of Reinvention.” The book, published by Penguin Press, went on sale this week.Ĭompany Town Why Netflix isn’t worried about the streaming wars ![]() The lesson helped to shape the distinctive culture of Netflix, where employee evaluations are brutally candid and average performances can be grounds for termination. ![]() Creativity surged, and over time, managers were given the power to sign multimillion-dollar deals without high-level executive approval - giving them the opportunity to make risky bets to reap big rewards. ![]() Netflix teetered on financial ruin just 20 years ago, when co-founder Reed Hastings failed to sell his struggling DVD rental subscription business to Blockbuster, eventually forcing him to lay off 30% of his staff as the nation slid into recession.īut, in Hastings’ view, the cuts winnowed the staff and allowed the remaining stars to thrive. ![]()
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