Netflix founder Reed Hastings tops Fortune’s Businessperson of the Year list

Reed Hastings, founder of Netflix, was not expected to build his once fledgling company into a multi-million dollar enterprise. But in an exciting new development, Hastings has been chosen as the No. 1 Businessperson of the Year by Fortune magazine.

Streaming movies and television online has transformed the film industry's approach to business. CNN reports that Harvey Weinstein said that Hollywood studios have to have an online distribution component for every movie deal because of Netflix.

Netflix, founded in 1997, is continuing to experience exponential financial growth.. The company's stock is up by more than 200 percent since January, 2010. Although business has been solid throughout the recession for Hastings, he still remembers the moments the company almost failed to stay vigilant.

"Now that Netflix is on a tear, perhaps the only person who does dwell on the company's near-death episodes is Hastings himself. Not because he wants to stick out his tongue at the haters, but because those experiences are what keep Netflix from losing its edge," CNN reports.

In a recent report, Netflix announced that its users watch more video on its site than they do on DVDs. Although Hastings had to weather criticism and negative reviews for several years, his commitment to what was once a fledgling startup has resulted in the growth of an industry-