Netflix receives highest consumer satisfaction rating in three years


(FOX19) - Netflix just received its highest consumer satisfaction rating in three years. This, for a company that skeptics predicted would go under years ago.

Christine Romans introduces us to Netflix co-founder and CEO, Reed Hastings:

You might know Frank Underwood from House of Cards, Piper Chapman from Orange is the New Black or Michael Bluth from Arrested Development but what about the man who started it all?

Hastings hasn't always been a successful tech entrepreneur. He had a stint in the Peace Corps. "I was in Swaziland teaching high school math. And I loved it," said Hastings.

At age 30, Hastings started his first company, Pure Software. The software was a widely popular debugging tool. He sold that for $750 million and Hastings was left a rich man.

Then, an overdue movie from Blockbuster gave him a brilliant idea.

By 1997, he founded Netflix, a DVD mailing company. The little red envelopes would eventually contribute to Blockbuster's downfall.

Then, in a move that changed how we watch television, Netflix began offering on-demand streaming.

However, Reed's journey isn't without missteps. In 2011, Netflix announced price hikes and plans to spin off its DVD business.

That caused a flood of cancellations and sent the stock price tumbling. However, Hastings backtracked and apologized to customers.

Now, Netflix stock is at an all time high. The company has 44 million subscribers and counting. A lot of that growth is thanks to the popularity of its original series, House of Cards.

With a huge chunk of subscribers binge watching House of Cards season 2.

The company's fearless leader is getting rewarded with a %50 bump this year, a $3 million salary and $3 million in stock. "It's wanting to push the edge, to create something people are proud of and that they enjoy," said Hastings.

Hastings is a board member at Facebook and a huge education advocate, serving for a time as president of the California State Board of Education.

Hastings has also donated millions to help charter schools and push education technology.

With Netflix changing TV as we know it, the business of being Reed Hastings is on everyone's watch list.

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