<aside> 💡 How Netflix designed its culture to maximise ownership, embrace blunt feedback and deliver outcome-driven work centered on thinking what was ‘best for Netflix’. Results were crazy creativity unleashed and outstanding content delivered that drove its rapid scale.
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Netflix through the years, with a focus on its unique history and its distinct corporate culture as explained in Founder Reed Hastings’ new book “No Rules Rules”. Also, here is a link to the famous “Netflix Culture Deck” which Facebook COO Sheryl Sandberg stated “may well be the most important document ever to come out of Silicon Valley”
**https://www.slideshare.net/reed2001/culture-1798664/9-At_Netflix_we_particularly_value**
Netflix·
Founded in 1997 in Scotts Valley, California by Reed Hastings and Marc Randolph (former colleagues and both in their late 30s at the time)·
Today: Enterprise Value of ~$245bn, Revenues of $25bn, EBITDA of $4.8bn· Global membership base of 192 million subscribers in 190 countries (36% North America, 31% EMEA, 19% Latin America, 12% Asia)· ~9,000 employees globally·
IPO in 2002 – $1,000 invested at IPO would be worth ~$443,646 today (444x)
Netflix cofounder Reed Hastings reveals for the first time the unorthodox culture behind one of the world's most innovative, imaginative, and successful companies There has never before been a company like Netflix. It has led nothing short of a revolution in the entertainment industries, generating billions of dollars in annual revenue while capturing the imaginations of hundreds of millions of people in over 190 countries. But to reach these great heights, Netflix, which launched in 1998 as an online DVD rental service, has had to reinvent itself over and over again. This type of unprecedented flexibility would have been impossible without the counterintuitive and radical management principles that cofounder Reed Hastings established from the very beginning. Hastings rejected the conventional wisdom under which other companies operate and defied tradition to instead build a culture focused on freedom and responsibility, one that has allowed Netflix to adapt and innovate as the needs of its members and the world have simultaneously transformed. Hastings set new standards, valuing people over process, emphasizing innovation over efficiency, and giving employees context, not controls. At Netflix, there are no vacation or expense policies. At Netflix, adequate performance gets a generous severance, and hard work is irrelevant. At Netflix, you don’t try to please your boss, you give candid feedback instead. At Netflix, employees don’t need approval, and the company pays top of market. When Hastings and his team first devised these unorthodox principles, the implications were unknown and untested. But in just a short period, their methods led to unparalleled speed and boldness, as Netflix quickly became one of the most loved brands in the world. Here for the first time, Hastings and Erin Meyer, bestselling author of The Culture Map and one of the world’s most influential business thinkers, dive deep into the controversial ideologies at the heart of the Netflix psyche, which have generated results that are the envy of the business world. Drawing on hundreds of interviews with current and past Netflix employees from around the globe and never-before-told stories of trial and error from Hastings’s own career, No Rules Rules is the fascinating and untold account of the philosophy behind one of the world’s most innovative, imaginative, and successful companies.