Netflix, Inc. (NASDAQ:NFLX) recently canceled its high-profile original shows, Sense8 and The Get Down. The video streaming giant’s CEO Reed Hastings told CNBC that he wants to cancel more shows.
“Our hit ratio is way too high right now,” Hastings said at the Code Conference this week.
“You can tell when we cancel a show. So, I’m always pushing the content team, we have to take more risks, you have to try more crazy things. Because we should have a higher cancel rate overall,” Hastings said. He and Marc Randolph founded Netflix in 1997.
Netflix has canceled “very few shows,” according to Hastings, who is now saying that Netflix fans and investors should expect more cancellations in the future.
Hastings added that the streaming company can “get some winners that are just unbelievable winners” by “taking big swings.”
As of 2017, the streaming giant has canceled seven shows:
– Longmire
– Lilyhammer
– Hemlock Grove
– Marco Polo
– The Get Down
– Sense8
– Richie Rich
Last year, Netflix, Inc. (NASDAQ:NFLX) expanded to more than more than 130 new countries excluding China.
The video streaming giant entered the content production business in 2013, releasing its first series, House of Cards. The company invested millions to produce both film and TV series for its subscribers. The streaming service dramatically expanded its original content in 2016, releasing an estimated 126 shows and films.
Earlier this year, Netflix reached a licensing deal with iQiYi, a Chinese video streaming platform owned by Baidu, for original content.
In April this year, Netflix reported that it has more than 98 million subscribers worldwide, including more than 50 million in the United States.
Meanwhile, shares of Netflix, Inc. (NASDAQ:NFLX) were trading down 0.08% on Monday. The stock is up more than 33% so far this year. During the last 12 months, the share price of the streaming giant has surged more than 65%.
