Netflix CEO thinks the site needs to be cancelling more shows

Reed Hastings co-founder and CEO of Netflix

Reed Hastings co-founder and CEO of Netflix

"Our hit ratio is way too high right now", said Netflix CEO Reed Hastings."So, we've cancelled very few shows ... I mean, everything Amazon does is just so unbelievable". "It surprised us. It's a great show, but we didn't realise just how it would catch on".

"We saw higher subscription rates to Netflix from Amazon Prime than regular customers".

The change could bring Netflix into the same realm as the average television network, where beloved shows are cancelled and abandoned despite their cliff-hanger end.

But with the recent cancellations, it does seem as if the company is making a ― to quote one of the most popular shows on the service ― "pivot".

Hastings attempts to justify his statement by saying that such a high hit rate means the people who produce Netflix originals obviously aren't taking enough risks.

But as the Verge's Jacob Kastrenakesnoted in March, Netflix has always been squirrelly on the issue of open-internet protections, adopting bold but contradictory public positions to serve its own designs (remind you of anyone?). "How are they doing so many business areas so well?"

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He told CNBC: "We've cancelled very few shows".

It wasn't long ago that Netflix and Hastings were leading the charge among online content companies pushing for net neutrality rules to ensure that Internet providers can't throttle certain websites by creating so-called "fast lanes" online.

Hastings said Netflix, Amazon, and other players in the online video streaming industry are investing in original content. "Mostly, it is how many people watch". But Hastings noted that even big bets like "Get Down" and "Marco Polo", another big-budget drama series that was ended after two seasons, only comprise 1% of a content budget that is expected to reach $6 billion in 2017.

"There's not a big conflict yet", Hastings said Wednesday at Recode's annual Code Conference.

France in particular has a rule that states movies that play in theaters must wait three years before they can pop up on a streaming platform. It's like they are trying to repeal the basic laws of business, of limited capability.

"If we try to out-Amazon Amazon, then that's a losing battle", he detailed. Hastings told CNBC that Netflix's content budget is going to keep increasing "a lot" as the company's membership keeps growing, with Netflix nearing 100 million global subscribers.

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