Netflix CEO Steps Down Following ‘Tough Year’ Of Subscription Ups And Downs
Bo Banks
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Netflix founder Reed Hastings will reportedly step down as co-CEO following a “tough year” of subscription ups and downs.
He will now serve as the company’s executive chairman as chief operating officer Greg Peters takes over his CEO position.
“It was a baptism by fire, given COVID and recent challenges within our business,” Hastings wrote.
“But they’ve both managed incredibly well, ensuring Netflix continues to improve and developing a clear path to reaccelerate our revenue and earnings growth,” he added. “So the board and I believe it’s the right time to complete my succession.”
Peters will now join the current Netflix co-CEO Ted Sarandos.
Netflix, which has been losing subscribers at monumental levels, has been working to find its balance and market fit over the past year in the midst of woke content, original shows, and specials.
The company has also implemented various new tactics to maintain subscriber counts.
For example, back in Q2, Hastings gave credit to shows like “Ozark” and “Stranger Things” for Netflix’s “less bad results,” even though the company marked the biggest loss to date in customers since its foundation 25 years ago.
Successful shows like those have been known to keep subscribers from canceling their subscription because of their strategic launch dates and episode releases that deter people from leaving.
In May of 2022, following all the controversies of the streaming giants’ Dave Chappele special, Netflix took a hardline stance against woke employees in a new culture memo.
Perhaps most notably, the memo contained a new section under “Artistic Expression,” which states that Netflix will not “censor specific artists or voices.”
The kicker: The company planned on doing this even if employees believe the content is “harmful.”
But even with those inclusions and decisions, Netflix is still struggling to grasp the market share it once had. Especially with the rise of other alternatives such as Hulu and Disney+.
As The Daily Wire reported, Netflix had “approximately 970,000 subscribers canceled their membership during the spring and summer months.”
Netflix blames most of its situation on the war between Russia and Ukraine and the global recession.
“The number comes after the service took a massive hit in the second quarter when it lost 200,000 subscribers between January and March,” the outlet added.
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