Netflix CEO Reed Hastings: 'Internet TV Is Going To Be Everything In A Couple Years'

Netflix stock was tanking after third quarter earnings showed the streaming service delivered fewer subscribers than expected.

During Netflix's Q3 earnings call, CEO and co-founder Reed Hastings made the case for online streaming saying "internet TV is going to be everything in a couple years."

"Everything that we're seeing is completely consistent with the whole society, not only the US, but around the world, is moving to Internet video and internet television," said Hastings. "We saw Starz a week ago announce that they're doing an internet video service. We saw HBO. Perhaps there will be other providers over the next coming weeks."

Hastings added that big television networks are moving to internet video.

He also commented on Time Warner's announcement about HBO offering a stand-alone streaming service in 2015 and how it will impact the streaming site from a competitive standpoint.

"On the consumer side it's one more channel. Already consumers subscribe to us and Hulu and Amazon and they do Pay-Per-View and they do DVD and they do cable. Consumers subscribe to many of these," said Hastings. "Theres's not much of a change in the direct competitive landscape. We and HBO have completely different content. I don't think it will be a significant impact at the consumer level. As we bid for content that's more significant."