The CEO and co-founder of Netflix resigned!

Until now, Hasting held the position of CEO.

Jan 19, 2023 - 18:44
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The CEO and co-founder of Netflix resigned!

Netflix co-founder Reed Hastings has stepped down as CEO of the company that shook up Hollywood by streaming movies and TV series online. And why?  In 2022 Netflix faced content billing problems and declining viewership. Until now, Hasting held the position of CEO together with longtime associate Ted Sarandos, who will now share it with former Chief Operating Officer Greg Peters.

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Peters and Sarandos were promoted in July 2020, during a very challenging period for the company.

"It was a baptism of fire, because of covid and the challenges within our business," said Hastings, who will now serve as chairman of the board of directors.

Hastings' resignation coincided with the publication of a business report for the fourth quarter of last year, which showed a 7.66 million increase in subscribers thanks to the series "Harry & Meghan" and "Wednesday".

In the first half of last year, Netflix lost subscribers, whose number increased again in the period from July to December, but less than in previous years. At the end of last year, the company had 231 million subscribers, which is 4.5 percent more than at the end of 2021.

"2022 was a tough year, with a troubled start but a better ending. We believe we have mapped out a clear path that should help us grow revenue again," Netflix said in a quarterly letter to shareholders.

To spur growth, Netflix introduced a cheaper, ad-supported option in 12 countries in November. He also announced measures to prevent password sharing.

The company faces limited consumer spending and competition from companies like Walt Disney, and others that spend billions of dollars producing TV series, missions and movies for online audiences.

Recall, Hastings attended Buckingham Browne & Nichols School in Cambridge, Massachusetts, and sold vacuum cleaners door-to-door in a gap year before entering college. In 1983, he graduated from Bowdoin College with a Bachelor of Arts degree in Mathematics, which he found "beautiful and engaging".


Post By: Vanessa F.