Consumer Watch: Netflix satisfaction rating reaches highest in 3 yrs.

Consumer Watch: Netflix satisfaction rating reaches highest in 3 yrs.

Consumer Watch: Netflix satisfaction rating reaches highest in 3 yrs.

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by Andy Treinen

WHAS11.com

Posted on February 24, 2014 at 4:25 PM

LOUISVILLE, Ky. (WHAS11) -- Netflix just got its highest consumer satisfaction rating in three years and this is for a company that skeptics predicted would go under years ago.

He is the man who started it all, Netflix CEO and Cofounder Reed Hastings. But Hastings hasn't always been a successful tech entrepreneur.

He did a stint in the Peace Corps.

"I was in Swaziland teaching high school math. And I loved it." Hastings said.

At age 30, he started his first company, Pure Software, which made a debugging tool. He sold that for $750 million and Hastings left a rich man.

Then an overdue movie from Blockbuster gave him a brilliant idea. "It was a $40 late fee. There's clearly got to be a better way," Hastings said.

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

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

But Hasting'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. But 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 with a huge chunk of subscribers binge-watching House of Cards Season Two.

And the company's fearless leader is getting rewarded with a 50 percent bump in 2014. He earned a $3 million salary, plus $3 million in stock.

"Its wanting to push the edge, to create something people are proud of and that they enjoy," explained Hastings.

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

He's donated millions to help charter schools, to reform schools, and to push education technology.

If you have a consumer issue you’d like us to look into send an e-mail to CONSUMERWATCH@WHAS11.COM.
 

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