Netflix's Hastings says no to joining Apple service

Netflix not part of Apple's upcoming video service

"These are unbelievable, large, well-funded companies with very significant efforts", Hastings said.

Apple is set to hold a special event next week, where the company is expected to unveil a new video service.

Rumours had suggested this would be the case, and Netflix CEO Reed Hastings confirmed the company's decision to shun Apple's upgraded TV service on Monday. The SVOD service has also shied away from integrating its offering with Apple TV apps. Now the largest network in the world in terms of content, Netflix started its first significant original programming with David Fincher and Kevin Spacey and House of Cards in 2013.

"We prefer to let our customers watch our content on our service", Hastings told reporters at the company's offices in Hollywood.

"We've been competing with 500 channels of cable and penetrated almost every household in the world for a long time", he declared with no small air of dismissal that Netflix could be heading the way of Napster as the new kids on the block begin launching.

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Apple will announce the streaming initiative alongside other new products, including a magazine subscription bundle, at the event in Cupertino, California.

Sarandos highlighted that Apple TV was not an important source of revenue for Netflix anyway.

But, he added, "we will make this a better industry if we have great competitors". The company declined to comment on Hastings's comments.

The company also recently stopped allowing Apple users to subscribe via the App Store billing feature, retaining the 30 percent cut that previously went to Apple.

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