Louise Bernard, with Solène Delinger
modified to
10:16 a.m., January 20, 2023
Reed Hastings bows out. The one who co-founded Netflix in 1997 is stepping down as co-CEO of the streaming platform. His departure comes as Netflix recovers after a disastrous start to 2022. The platform gained 7.7 million subscribers between October and December.
We learned it last night: Reed Hastings is stepping down as co-CEO of Netflix. He remains in the company all the same, but only as “executive chairman”.
The Netflix platform will remain led by two CEOs
Speaking of the announcement, he said, “I’m so proud of our first 25 years, and so excited for the next 25.” The Netflix platform will remain led by two CEOs. The one who was already alongside Reed Hastings, Ted Sarandos. And the newcomer is Greg Peters, who was already in a high position at Netflix.
The departure of Reed Hastings comes as Netflix announces excellent results in the last quarter of 2022. The platform gained 7.7 million subscribers between October and December last, thanks to several series which were able to attract new customers and also in partly thanks to the launch of its new offer: cheaper but with advertising.
Netflix goes up the slope
What to go up the slope after a catastrophic start to the year. Netflix had lost subscribers for the first time in its history at the start of 2022. But the platform seems to have recovered with its latest results, which are much better than market projections.
On the other hand, who says gain of subscribers, does not say finances in good shape. Netflix isn’t making much of a net profit yet. But that’s what shareholders are interested in.