Amazon Is Scary Even To Netflix's Reed Hastings

In an interview on CNBC’s “Squawk Box” Netflix, Inc. NFLX CEO Reed Hastings jumped on the show to discuss a variety of topics including his thoughts on Amazon.com, Inc. AMZN.

Key Comments From Hastings

Amazon is an “awfully scary” competitor, but Hastings is not sure if it is Netflix's biggest threat.

He noted how he is extremely impressed with Amazon. "Everything Amazon does is so amazing. How are they doing so many business areas so well? They are trying to repeal the basic laws of business. He stated that Netflix has to be the specialty play, since they cannot “Out-Amazon, Amazon.”

Netflix's Future Plans

• Hastings said Netflix is spending more money, and its budget is also going to go up in the future. "As we grow the membership base, we want to grow the current budget," he said. "There are so many great shows we don't have yet. We are going to continue as we growth the membership base to try and get more shows and more movies."
• He noted that launching in China is not in the plans for the next couple of years.
• Netflix has no plans for news and sports expansions, as Hastings cited those are very tough businesses.

All of Hastings’ notable comments and recent news revolving Netflix are available on the Benzinga Pro News Wire.

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