February 6, 2023

Reed Hastings becomes CEO of Netflix, stepping down from the co-chair role

Highlights for 2023 include David Fincher’s thriller, “The Killer,” starring Michael Fassbender; the sci-fi epic “Rebel Moon” by Zack Snyder; and David Yates’ film “Pain Hustlers,” starring Emily Blunt, which the company bought from the Cannes Film Festival last year for $50 million. Netflix is ​​also working towards its intent to franchise its content with second iterations of “Murder Mystery” and “Extraction” also set to be released in 2023.

Once unchallenged in the video streaming market, Netflix has faced increasing competition from wealthy rivals such as Disney, Comcast and Warner Bros. Discovery, the companies they used to rely on for programming. This competition, combined with an increasingly saturated US market, has encouraged Netflix to look for subscribers in international markets, crack down on password sharing and advance its advertising plan.

In its letter to shareholders, Netflix said it hopes to increase its subscribers through new initiatives such as “paid sharing,” which allows subscribers to add users to accounts for an additional fee.

Netflix also noted the success of its recent shows, including the series “Wednesday” and “Glass Onion: A Knives Out Mystery,” a movie it played in a limited number of theaters in the US before it premiered on Netflix. In its last quarter, Netflix also began streaming “The Pale Blue Eyes,” a period detective mystery starring Christian Bale and Harry Melling.

Mr. Hastings, who successfully founded a company called Pure Software, helped found Netflix in 1997 with Marc Randolph as a mail-order movie rental service. The two cultivated a corporate culture based on “radical honesty” such that in 1998, Mr. Hastings gave a PowerPoint presentation to Mr. Randolph detailing the reasons why he was no longer fit to remain CEO.

Since then, Mr. Hastings has been instrumental in the company’s transition to live broadcasting. Although Mr. Hastings frequently repeated the phrase “No ads coming on Netflix. Period,” it eventually came to pass.