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Late Fee
Reed was too embarrassed to tell his wife about a $40 late fee. On his way to the gym, he wondered why video stores couldn't work like gyms.
Coming soon
Netflix
It’s never too late to start something new.
Transcript
Reed did …
Reed was a former math teacher who loved sports … and he was also good at software having developed a Net company that he had recently sold for a lot of money.
Reed also loved movies. Unfortunately, one day he realised he hadn’t taken a movie back to the video store … he had misplaced it and now it was six weeks late … and the fine was $40 … Reed was really embarrassed and didn’t want to tell his wife.
Later that day on the way to the gym … he started thinking about the typical gym business model … for $30-40 per month they would allow you to use all the equipment as much or as little as you wanted. That’s when the flicker of a idea started … why didn’t movie stores offer movies that way?
With a little seed money, a partner, and a lot of persistence, Reed opened his own video rental store.
Today Reed’s company has over 25 million subscribers and sales of over $3 billion annually … and no late fees. It’s also the premiere Internet site for flicks. NetFlix!
NetFlix is a Great Idea because it’s never too late to start something new.
Your idea could be the next story
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