netflix ceo reed hastings

Reed Hastings, CEO of Netflix, speaks during a press conference in Seoul. Pic: AP

Netflix CEO Reed Hastings pessimistic about entry to China

FILM and TV show-streaming platform Netflix will be turning its attention to the rest of the world as it doesn’t look likely that it will break into China, said CEO Reed Hastings at the New Yorker TechFest.

Hastings said on Friday that Netflix’s chances at entering the lucrative Chinese market don’t “look good” based on how Disney and Apple’s own movie-streaming services have fared in the country – which is to say, not very well.

He was quoted saying in Reuters: “Disney, who is very good in China, had their movie service shut down. Apple, who is very good in China, had their movie service closed down. It doesn’t look good.”

SEE ALSO: Netflix expands across all of Asia… except China and North Korea

In January, Netflix launched in Thailand, Singapore, India, Indonesia, and Malaysia, but admitted then it would be unavailable in China and North Korea. Hastings said in September that the lack of a government license scuppered the company’s Netflix in their attempt to get a foot in the door into China.

But the company plans to continue building its archives of Netflix-only programs and announced signing a deal this week with luxury theater chain iPic Entertainment to release some of its original films in iPic theaters.

Ted Sarandos, Netflix chief content officer, wrote in a statement: “Consumer choice is a pillar of our philosophy and the unparalleled level of comfort and hospitality offered at iPic made this a natural partnership.”