Netflix said it would cut prices to ensure future growth in the face of competition from Blockbuster, Wal-Mart Stores and soon Amazon.

Reed Hastings

"We started hearing rumors about two weeks ago, and we were able to confirm them," Hastings said in an interview. "We think we will compete successfully with them because we have great scale, we ship 3 million DVDs a week, and we have five years of experience in this market."

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