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Netflix Receives Accolades From Studio and Media Reps

29 Oct, 2003 By: Anne Sherber

NEW YORK - Studio and media representatives came together this week at New York's Essex House hotel to honor Netflix, the innovator in online renting.

And even as the rentailer's stock price soared past the $57 mark, Netflix CEO Reed Hastings set a new and ambitious goal for the company. He predicted that over the next four to seven years, the company will entice 5 million subscribers to rent DVDs online -- a benchmark which will represent $1 billion in revenue, Hastings said. He attributed Wall Street's recent and pronounced confidence in the company's stock to the fact that the company “sets goals and meets them.”

Studios also appreciate Netflix's aggressive business model.

“People still like to rent movies, and Netflix has successfully developed an innovative means of delivering rental product to the marketplace,” said Jeff Fink, president of sales and marketing for Artisan Entertainment.

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