North India Statesman
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Today, while Netflix is one of the largest streaming companies in the world, there was a time when Amazon’s founder Jeff Bezos wanted to buy it. Netflix co-founder Reed Hastings have recently revealed this interesting story, which has become a classic example of missed chances in the world of technology and business.
Amazon vs Netflix: An unheard story of 1998
In 1998, Amazon was an emerging online bookstore company. At that time Jeff Bezos wanted to put his company in the video market. As part of this strategy, he showed interest in NETFLIX and started conversation.
According to Netflix co-founder Reed Hastings, Bezos did not offer any formal offer, but the conversation started. Hastings described it as “initial discussion” and said that he and his co-founder Marc Randolph clearly turned it down.
Bezos wanted to buy for 100 crores
Marc randolph has his book “That will never work” It is written that at that time Amazon’s team talked about an estimated offer of about 14 to 16 million dollars (about 100 to 120 crores). Hastings jokingly said that if Netflix had been sold at that time and bought Amazon shares, the story would have been different today. But he made Netflix a global brand with 20 years of hard work.
Blockbuster also rejected Netflix
Reed Hastings shared another shocking anecdote. He told that at one time Netflix wanted to sell himself to the blockbuster. Hastings wanted to take 50% of the Blockbuster Netflix and the two together shared together, so that there is no competition in the future. But Blockbuster also turned down this offer.
Blockbuster felt that he himself could start online streaming service and does not need Netflix. According to Hastings, “We were obsessed boys of Silicon Valley and that an old -thinking company. He did not understand our value.”
The world’s two largest missed opportunities
Today, when seen back, not buying Netflix by Amazon and Blockbuster is counted among the two biggest paals in technology and business history. One ignored the future of digital content and the other could not recognize his competition.
Netflix is present in 190+ countries today and has become the king of the streaming industry, while the blockbuster became part of history and Amazon caught his own way.
