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Monday, December 13, 2010

Time Warner CEO compares Netflix to the Albanian army

Couldn't resist posting about this quote from Time Warner CEO Jeff Bewkes, on Netflix being overhyped. (Netflix CEO Reed Hastings was named "businessperson of the year" by Fortune.)

"It's a little bit like, is the Albanian army going to take over the world? I don't think so," Bewkes told a New York Times reporter.

Interesting comment from a CEO whose stock started the year at $30 a share and is ending it just below $32 a share; Netflix, by contrast, started the year at $53 and is ending it at $183. Who is it again, who is not going to take over the world?

I think what miffs media CEOs is that Netflix has spent the past decade developing a strong relationship with consumers, who view the site as delivering value for an $8, $10, or $20 per month plan. Meanwhile, most people have no connection or brand relationship at all with media companies and studios like Time Warner. Yes, they produce great content, but they've forgotten to build a digital relationship of their own with consumers.

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