Netflix Inc. (NFLX) Chief Executive Officer Reed Hastings said he sees an “arms race” to dominate Web-based TV viewing, with Time Warner Inc. (TWX)’s HBO Go service his top competitor.
“The competitor we fear most is HBO Go,” Hastings said today at a UBS media conference in New York. “HBO is becoming more Netflix-like and we’re becoming more HBO-like. The two of us will compete for a very long time.”
Hastings downplayed the emergence of other competitors, such as Verizon Communications Inc. (VZ) and Amazon.com Inc. (AMZN), saying rivals will have to spend $1 billion to $2 billion a year on content. New competitors also will have to get their offerings on more devices in the home, particularly so-called smart TVs with built-in Web connections, he said.
Read more - http://www.bloomberg.com/news/2011-12-06/netflix-ceo-sees-arms-race-to-dominate-streaming-labels-hbo-top-rival.html
