Hastings says he will continue to serve as executive chairman, serving as a “bridge” between the board of directors and Netflix’s CEO.
One of the most influential figures in streaming is stepping down Reed Hastings is stepping down as CEO of Netflix. Ted Sarandos, Co-CEO of the company, will continue to lead with Greg Peters, who previously served as Chief Product Officer. At the same time, Hastings will effectively retain influence and control over the company — he will remain on the board of directors and hold the position of chairman of the board of directors “for many years to come,” as he himself said.
Hastings calls the move “long overdue,” saying Sarandos and Peters have “increasingly” run the company over the past 2.5 years. Sarandos was Netflix’s “engine” behind original content, while Peters played a key role in forging partnerships and driving the company’s push into the gaming industry.
Ted & Greg are now co-CEOs. After 15 years together we have a great shorthand & I’m so confident in their leadership. Twice the heart, double ability to please members & accelerate growth. Proud to serve as Executive Chairman for many years
— Reed Hastings (@reedhastings) January 19, 2023
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According to the generally accepted legend of the creation of Netflix, Hastings delayed the return of the Apollo 13 videotape by 6 weeks and owed $40 in rent. Then he came up with a business model for the future platform: the buyer signs up for a monthly subscription, pays $30-40 a month and watches an unlimited number of movies.
In 1997, Reed Hastings and Mark Randolph founded Netflix, a movie rental service that sent DVDs by mail. In 2007, they expanded the business with the introduction of broadcast media, and within three years, they started moving in the international market. In 2013, Netflix debuted its first series, House of Cards.
Hastings’ departure comes as Netflix slowly recovers from a difficult 2022. The company lost subscribers for the first time in more than a decade and blamed stiff competition, limited growth opportunities and widespread account sharing.
However, in its just-released financial report for the fourth quarter, the streamer reported 7.66 million new customers, bringing its total number of subscribers to 230.75 million. Netflix says results have exceeded expectations and are pleased with early numbers for its $7-a-month ad-supported plan. It was previously reported that Netflix was refunding money to advertisers because streaming failed to reach the promised views in the basic rate with ads.
The number of users who signed up to the cheaper plan was not disclosed, but the better-than-expected results were attributed to a strong line-up of content that includes the sequel to Knives: The Glass Bulb, the documentary series Meghan and Harry and The Addams spin-off Wednesday » extended for a second season).
The company is cautiously optimistic about the first quarter of 2023. It believes it will see “modest” growth in its subscriber base and plans to roll out paid account sharing “more widely” later this year.
Netflix revealed the list of its releases for 2023 – 49 films will be released in the online cinema (almost half less than last year)
Source: Engadget
