Reed Hastings, co-founder of Netflix, steps down as co-CEO.

24 Jan 2023

Netflix's original co-CEO, Reed Hastings, has left the company. Ted Sarandos, now the company's chief content officer, and Greg Peters, currently the company's chief operating officer, will take over as co-CEOs, with hastings moving to the role of executive chairman. This modification is immediate.
Inspired by his own experience of being charged a $40 late fee for returning a copy of "Apollo 13" to the local blockbuster video store, Hastings created Netflix in 1997 as a DVD-by-mail service.
He made the statement shortly after Netflix reported an increase in membership for the year ending in 2022. Revenue for the December quarter was over $7.8 billion, up 1.9% year over year but in line with what Wall Street analysts had predicted.
Netflix saw a significant drop in membership during the first half of 2022, but growth resumed afterward. However, the rate of growth in new customers has slowed compared to that of the previous several years. At the end of December 2022, it had 231 million paying customers.

Already for the first quarter of 2023, Netflix is anticipating an expected revenue rise of around 4 percent. Since launching its cheaper, ad-supported alternative in November in 12 countries, Netflix has witnessed a rise in paying memberships.
Customers are still being cautious with their money, and the corporation has to compete with other streaming services. The business plans to turn some of the password-shared users into paying customers by releasing new and improved products this quarter.

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