The big news coming out of Netflix’s financial results yesterday was news that its co-founder Reed Hastings is stepping down from his co-CEO role. He’ll still be on the board as executive chairman, with the company now run by co-CEOs Ted Sarandos and former COO Greg Peters.
“Our board has been discussing succession planning for many years,” stressed Hastings in a blog post, suggesting that the pair have already played a leading part in “developing a clear path to reaccelerate our revenue and earnings growth”.
Talking of which… Netlix’s financial results for Q4 2022 revealed revenues up just 1.9% year-on-year to $7.85bn – a far cry from the 16% growth in Q4 2021. Still, the company managed to add just under 7.7 million net new subscribers last quarter, taking it to 230.8 million overall.
That’s good news for Netflix after a wobble last year, and also encouraging for music-streaming services wondering whether the cost-of-living crisis will dent their own subscriptions growth.
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