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Brian Barrett
Netflix CEO: Hey, You Get What You Pay ForWe can’t afford all the new stuff and offer the service for $8. So at $8, we’re a complement to the new-release business. And with that, Netflix CEO Reed Hastings explained why your Watch Instantly queue feels so tired.

Hastings, speaking at this week’s D9 conference, positioned his company the way regular users have seen it for a long time now—as a warehouse for back catalog titles. Because despite paying huge sums for television licenses, the company still can’t afford new releases for the relatively modest fee that they charge customers.

What else? Netflix has 23 million subscribers, according to Hastings, and the company isn’t anywhere close to Facebook integration. Which is fine by me; my friends don’t need to know how long it’s taking me to get through The Larry Sanders Show. Head here for the rest of the in-depth interview. [All Things D]

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