Reports of Tesla vehicles spontaneously catching fire could make customers wary of EVs just as the industry ramps up production plans.Autosread more
Amazon's large and flashy investments stand out from those of its tech peers over the past year.Technologyread more
SoftBank founder Masayoshi Son speaks in futuristic terms about his company, but the success of his late-stage VC fund is still unknown.Technologyread more
Consumer IPOs from Snap to Uber have been disappointing and serve as a reminder that private investors are making all the money.Technologyread more
China's currency has been an important barometer for progress in U.S.-Chinese trade talks, and right now it's signaling things aren't going well.Market Insiderread more
The 2019 PGA Championship wraps up on Sunday, May 19. Here's how much money the champion will earn.Earnread more
The move comes after star runner Alysia Montaño's May 12 op-ed in the New York Times in which she detailed her experiences with Nike.Business Newsread more
While the prolonged fight has been devastating to an already-struggling agriculture industry, there's little indication Trump is paying a political price.Traderead more
The outrage has even inspired a Change.org petition called "Remake Game of Thrones Season 8 with competent writers," with over half-a-million signatories and climbing.Entertainmentread more
The company's comments Friday come after the White House said U.S.Trade Representative Robert Lighthizer will "address the threatened impairment" of national security from...Autosread more
Many of the other big tech firms have resisted labeling themselves as media companies and instead opted for the label of "platforms" where users supply the content. Facebook CEO Mark Zuckerberg, for example, has repeatedly made the distinction between his company and traditional media firms. In 2016, he said, "We build the tools, we do not produce any content," according to Reuters. (Facebook does pay to produce some original programming for its Watch video product.) Some have argued that the distinction allows tech firms to abdicate responsibility for the content it hosts and promotes.
But as regulators and politicians have turned their eyes toward tech companies, Hastings has taken a decidedly different approach in calling Netflix a media company.
"[W]e're really mostly a content company powered by tech," Hastings said, since the company spends $1.2 billion on technology and about $10 billion on video programming.
Investors have generally treated Netflix like a high-growth tech company, giving it a market cap of about $157 billion on annual revenue of $15.8 billion and net income of $1.2 billion in 2018. By way of comparison, Disney is valued at roughly $169 billion on annual revenue of $59.4 billion and net income of $12.6 billion in its fiscal year 2018.
Hastings' response came after Recode asked about the role U.S. lawmakers should play in regulating tech companies when it comes to privacy and antitrust. Democratic presidential contender Elizabeth Warren, a senator from Massachusetts, called out Netflx's FAANG peers — Facebook, Amazon, Apple and Google — in her plan to "break up Big Tech." If seen as a media company, Netflix could have a chance of avoiding the limelight as more presidential candidates are forced to take a stance on big tech regulation.