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Netflix Co-Founder Reed Hastings Exits As Streaming Pioneer Hunts For Growth
Netflix Co-Founder Reed Hastings Exits As Streaming Pioneer Hunts For Growth
Reed Hastings, chairman and co-founder of Netflix, is stepping down from the streaming giant he launched nearly three decades ago.
His exit at 65 comes at a challenging time for the company, which is navigating slowing growth amid intensifying competition. A potential merger with Warner Bros. Discovery collapsed earlier this year, adding to strategic uncertainty.
Netflix also projected weaker-than-expected earnings per share for the current quarter and flagged its slowest revenue growth in a year, according to LSEG. The stock fell about 9% following the announcement.
Despite near-term pressures, Netflix reaffirmed its core strategy in a 14-page shareholder letter, emphasising its focus on delivering diverse global content across languages, cultures, and formats. The company maintained its full-year outlook.
Co-CEO Greg Peters said Netflix ended last year with over 325 million paid subscribers, reaching an audience close to a billion people. “Even at this scale, we still see significant room for growth," he noted.
Hastings will not seek re-election at the company’s annual meeting in June and plans to devote more time to philanthropy and other pursuits.
Hastings played a pivotal role in transforming Netflix from a DVD-by-mail service into a global streaming leader that reshaped how audiences consume movies and television.
He steered the company through key turning points — including the ill-fated 2011 attempt to spin off its DVD business into Qwikster — and through the pandemic, when streaming demand surged.
He also built Netflix’s distinctive performance-driven culture, famously described in his book No Rules Rules, where a leaner, high-performing workforce became the foundation of the company’s growth.
“My real contribution wasn’t a single decision," Hastings said, “but building a company others could inherit and improve."
Co-CEO Ted Sarandos praised Hastings for fostering a culture of risk-taking and excellence. Meanwhile, analyst Richard Greenfield noted that Hastings’ departure has unsettled investors.
Netflix reported first-quarter earnings per share of $1.23, up from 66 cents a year ago, aided in part by a $2.8 billion termination fee linked to the Warner Bros deal. Revenue rose 16% year-on-year to $12.25 billion, slightly ahead of expectations.
Looking ahead, the company is betting on newer formats such as video podcasts and live programming — including events like the World Baseball Classic — to drive engagement.
It also plans to deepen its use of technology to enhance user experience and monetisation. Advertising remains a key growth lever, with revenue from ads projected to reach $3 billion in 2026, roughly doubling from the previous year.
Even as leadership changes and growth moderates, Netflix is positioning itself for its next phase — expanding beyond traditional streaming into a broader entertainment ecosystem.
Source: News18
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