Neflix offers $1 million prize
Company is looking to improve its recommendation system by 10 percent
Online DVD rental portal Netflix is offering is offering a $1 million prize to whoever comes up with the best idea to improve the site's movie recommendation system.
"Right now, we're driving the Model T version of what is possible," Netflix CEO Reed Hastings told the Associated Press. "We want to build a Ferrari and establishing the Netflix Prize is a first step."
Netflix offered the prize as it tries to ward-off competitors such as Blockbuster and direct-to-download website in the movie rental business. In order to win the prize, someone must improve the site's recommendation system by 10 percent.
If there is no winner the company will pay $50,000 annually to the person who improves the system the most.