Netflix co-founder Reed Hastings steps down as co-CEO of the company

Netflix has announced that one of the company’s co-CEOs, Reed Hastings, will be stepping down as CEO, to be replaced by Greg Peters, former COO. Ted Sarandos, the company’s other co-CEO, remains in his post and will share the duties of that role with Peters going forward. Hastings, was one of the founders of Netflix in 1997 alongside Marc Randolph and has led the company from its origins as a DVD rental service to the present.

Hastings has served as Netflix CEO since the 1990s

Sarandos became co-CEO in 2020, but also retained his position as head of content. While Hastings is leaving the CEO post, he will remain with Netflix as executive chairman. The transition, which also includes the appointment of Beja Bajaria as head of content and Scott Stuber as president of Netflix movies, has been planned for some time, with Hastings gradually handing over duties to Peters and Sarandos in recent months.

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In addition to this news, the company announces that Netflix’s revenue saw a significant increase in subscribers from the previous quarter. The service had 230.75 subscribers at the end of 2022, up 7.7 million from the end of the previous quarter, and nearly nine million more than at the end of last year.

Netflix attributes the increase largely to the popularity of its content this quarter, including the series “Wednesday,” which became the third most popular series Netflix ever released, and “Glass Onion,” the platform’s fourth most popular original movie.

The company reports $32 billion in revenue for fiscal 2022 and $7.85 billion for the fourth quarter – up 2% from the same quarter a year earlier. Netflix forecasts $8.17 billion in revenue for the next quarter.

Streaming company tries new ways to grow revenue and diversify content offerings

This major change in leadership marks a new phase for Netflix as it continues to expand and diversify in the entertainment industry. Recently, the company has also begun to invest seriously in the gaming area, offering a growing selection of mobile games as well as interactive experiences in the form of shows on the platform in its existing subscription. Given that Netflix has already partnered with several game studios to adapt their licenses into original movies and series and is already working on new ones, this area will be an increasingly important growth vector for the company in the future.

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Recently, Netflix also launched a cheaper, ad-supported subscription, which doesn’t seem to be enjoying the success it had hoped for, and very soon new measures are apparently expected to stop accounts being shared between multiple users who don’t live in the same household.

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