Amazon is an “awfully scary” competitor for Netflix, admitted CEO Reed Hastings.
“They are so scary,” Hastings told CNBC. “Everything Amazon does is so amazing. How are they doing so many business areas so well? We are continuing to watch them and be impressed with them.”
“They are awfully scary, I would say,” he added.
Hastings appeared on CNBC’s Squawk Box ahead of his panel at the Code Conference in Rancho Palos Verdes, CA on Wednesday.
There’s more competition for Netflix as Hulu and Amazon — as well as international companies like Sky and Gleam — invest in more original content, said Hasting. It’s also encouraging more people to stream content.
“People want on-demand,” Hastings said. “They want to be able to control when and how they watch. With that, we are a growing whole industry.”
Disclosure: CNBC parent company NBCUniversal is an investor in Hulu.