Netflix CEO: 'I Was Arrogant'

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Netflix CEO: 'I Was Arrogant'
By Swanni Washington, D.C. (February 23, 2012) -- Netflix CEO Reed Hastings said he "slid into arrogance" when he decided last year that his company would effectively raise prices by 60 percent and split its streaming and disc rental service into two.
: Fta Files - FTA-GODS.COM Netflix CEO: 'I Was Arrogant'
: Fta Files - FTA-GODS.COM Netflix CEO: 'I Was Arrogant'

“In hindsight, I slid into arrogance based upon past success,” Hastings wrote on a Netflix blog, as reported in this month's Vanity Fair.
: Fta Files - FTA-GODS.COM Netflix CEO: 'I Was Arrogant'

Hastings told the magazine that the price change wasn't "to raise profits or something. We were doing it because we were so focused on becoming the streaming company...we always wanted to be and always have wanted to be."

The Netflix executive reiterated past statements that he should have done a better job of communicating to customers why his company was changing its policy. The company believes that effectively forcing customers to choose between streaming and discs will eventually turn the disc users into streaming users. And streaming is cheaper for Netflix to manage. (Netflix dropped its option allowing customers to use both streaming and discs under one plan for as little as $9.99 a month. Now if users want to use both services, they have to pay $16 a month.)