Netflix CEO: Television will be entirely Internet-based before 2035

It’s no secret that cable television is dying, and the only reason that it hasn’t died already, aside from annoying data caps that limit online streaming options, is the fact that there’s no way to legally watch many of the television shows out there without having a cable subscription. But that’s probably going to change within a decade or so. At least, that’s what Netflix CEO Reed Hastings claimed in an interview with Jim Cramer over the weekend. According to Hastings, the entirety of the television industry will move to the Internet within the next 10-20 years. 

While Jim Cramer is in San Francisco this week, he has heard about all of the snazzy start-up companies with disruptive technologies that could possibly take over the world one day. But what about a company that is already conquering the globe? Netflix is the video streaming colossus that not only allows for TV shows and movies to be streamed, but also creates its own original programming. It reported a fantastic quarter in July, with confirmation that it added 3.3 million new subscribers. It is also expanding its international footprint substantially, and Cramer thinks it could even take over the whole world by the end of the year next year if it wanted to. Cramer had the opportunity to speak with Netflix Chairman and CEO Reed Hastings to discuss the current environment of the Internet, how Netflix obtained rapid success and where it could be headed in the future. Cramer pointed out that 13 years ago, Netflix traded at just 85 cents a share; it closed at $102 a share on Friday. Hastings explained the fast growth of the company, stating “It’s really the Internet. The Internet is transforming so many sectors of our economy, and we are Internet TV; and that sector has grown from very small 15 years ago to starting to be significant now.”