The big bombshell dropped by Netflix in its earnings report was the fact that Reed Hastings has stepped down as co-CEO of the company, leaving Ted Sarandos and Greg Peters as the new co-CEOs. Hastings, who co-founded the streaming service, will remain on board as an executive chairman. Be that as it may, this is another indicator that Netflix is changing along with the media landscape around it.
Netflix also predicts that revenue will grow by 4% in the first quarter of 2023, though they also anticipate fewer new subscribers in the current quarter. That said, the biggest of big changes will soon be rolling out as the company is set to begin cracking down on password sharing in an attempt to increase revenue. From the statement:
Between growth with the ad-supported tier and potential new revenue from the so-called “paid sharing,” Netflix may have found a way to reverse its fortunes — at least for now.