In the stock market, the story is everything.
If you are a public company, you want to tell a story about your business. A story of growth, of ambition, of what your future holds and what your ceiling can be.
When it works, it can send your share price soaring (just look at Nvidia and its status as the hardware company of artificial intelligence). When it doesn’t, it can result in a hasty retreat back to private ownership (see: Endeavor).
It’s something that Netflix knows all too well.
Toward the end of 2021, riding high as consumers flocked to the platform during the Covid-19 pandemic, Netflix shares topped $600. By the end of April 2022, after reporting a surprising loss of subscribers, shares tumbled below $200.
Ever since it launched, Netflix’s growth story was driven by new subscribers. More and more people kept subscribing, and as the company forged ahead with...
If you are a public company, you want to tell a story about your business. A story of growth, of ambition, of what your future holds and what your ceiling can be.
When it works, it can send your share price soaring (just look at Nvidia and its status as the hardware company of artificial intelligence). When it doesn’t, it can result in a hasty retreat back to private ownership (see: Endeavor).
It’s something that Netflix knows all too well.
Toward the end of 2021, riding high as consumers flocked to the platform during the Covid-19 pandemic, Netflix shares topped $600. By the end of April 2022, after reporting a surprising loss of subscribers, shares tumbled below $200.
Ever since it launched, Netflix’s growth story was driven by new subscribers. More and more people kept subscribing, and as the company forged ahead with...
- 4/19/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
The streamer will stop reporting global subscriber numbers publicly, a sign that it believes its subscriber base could be reaching maturity.
Netflix may feel that it no longer has anything to prove to its competitors. The streamer reported this week that it maintained its position as the world’s largest on-demand video service, adding 9.3 million customers to raise its global total to 269.6 million. The company still has important goals, such as passing the 10% of total TV viewing time; Netflix does not exceed this amount in any country in the world as of now. But it will no longer report its subscriber numbers publicly starting in 2025, begging the question of how much larger the streamer can truly get, and how it will boost engagement to reach the coveted 10% milestone it wants to reach.
Greg Peters told analysts during the company’s earnings conference call that it reaches 500 million people around the world currently.
Netflix may feel that it no longer has anything to prove to its competitors. The streamer reported this week that it maintained its position as the world’s largest on-demand video service, adding 9.3 million customers to raise its global total to 269.6 million. The company still has important goals, such as passing the 10% of total TV viewing time; Netflix does not exceed this amount in any country in the world as of now. But it will no longer report its subscriber numbers publicly starting in 2025, begging the question of how much larger the streamer can truly get, and how it will boost engagement to reach the coveted 10% milestone it wants to reach.
Greg Peters told analysts during the company’s earnings conference call that it reaches 500 million people around the world currently.
- 4/19/2024
- by David Satin
- The Streamable
Disney+ and Max are the next streamers that will hand down rules against account sharing, and they may not fare as well as Netflix.
It’s hard to remember that in 2022, Netflix saw two straight quarters of global subscriber losses. The streamer’s success since then has made those stumbles fade from memory, and the positive pattern continued this week when Netflix announced that it had added 9.3 million more subscribers to its global total. Password-sharing restrictions have been a big help to Netflix in its quest to add more customers, and despite anger from consumers regarding the rules, the company’s co-ceo Greg Peters told Wall Street analysts this week that households that pay for a Netflix account have not decreased viewing in the past year.
Peters said that hours viewed on Netflix by paid subscribers remained “steady” from the first quarter of 2023. The streamer has experienced some viewership loss...
It’s hard to remember that in 2022, Netflix saw two straight quarters of global subscriber losses. The streamer’s success since then has made those stumbles fade from memory, and the positive pattern continued this week when Netflix announced that it had added 9.3 million more subscribers to its global total. Password-sharing restrictions have been a big help to Netflix in its quest to add more customers, and despite anger from consumers regarding the rules, the company’s co-ceo Greg Peters told Wall Street analysts this week that households that pay for a Netflix account have not decreased viewing in the past year.
Peters said that hours viewed on Netflix by paid subscribers remained “steady” from the first quarter of 2023. The streamer has experienced some viewership loss...
- 4/19/2024
- by David Satin
- The Streamable
Los Angeles, April 19 (Ians) Netflix co-ceo Ted Sarandos earned a bit less in 2023 than the year before — but his pay package was still worth $49.8 million, reports ‘Variety’.
That was down from $50.3 million in 2022, according to a Netflix proxy statement filed on Thursday (US Pacific Time) with the US Securities and Exchange Commission.
In 2023, Sarandos had a base salary of $3 million, $28.3 million worth of stock option awards, a $16.5 million cash bonus and $1.98 million in other compensation, adds ‘Variety.’
The Netflix board’s compensation committee had approved the residential security costs “after considering the potential security concerns related to Mr Sarandos’ service as an executive officer”. The committee emphasised that it believed the “security costs are a necessary and appropriate business expense”.
Greg Peters, who assumed the co-ceo’s role in January 2023, had a compensation package last year worth $40.1 million, a significant jump from $28.1 million in 2022. He previously had served as COO and chief product officer.
That was down from $50.3 million in 2022, according to a Netflix proxy statement filed on Thursday (US Pacific Time) with the US Securities and Exchange Commission.
In 2023, Sarandos had a base salary of $3 million, $28.3 million worth of stock option awards, a $16.5 million cash bonus and $1.98 million in other compensation, adds ‘Variety.’
The Netflix board’s compensation committee had approved the residential security costs “after considering the potential security concerns related to Mr Sarandos’ service as an executive officer”. The committee emphasised that it believed the “security costs are a necessary and appropriate business expense”.
Greg Peters, who assumed the co-ceo’s role in January 2023, had a compensation package last year worth $40.1 million, a significant jump from $28.1 million in 2022. He previously had served as COO and chief product officer.
- 4/19/2024
- by Agency News Desk
- GlamSham
Netflix Co-CEO Greg Peters says internal viewership data from before and after the implementation of paid password sharing shows the new policy has not turned off viewers, as some had initially predicted it would.
The company on Thursday reported a year-over-year jump of 9.3 million subscribers in the first quarter, in part due to the password policy that has put a price on sharing login credentials. The move has been a 180 from the free sharing ethos in the company’s start-up phase that eventually became a puckish tool for promotion. The new ad-supported tier, which costs less than paying for an extra account, has also benefited from the new password setup, helping Netflix to reach almost 270 million global subscribers.
Speaking on the company’s earnings call, Peters described internal data from “owner households,” meaning those not affected by the new policy. In the first quarter, he said, viewing by those subscribers...
The company on Thursday reported a year-over-year jump of 9.3 million subscribers in the first quarter, in part due to the password policy that has put a price on sharing login credentials. The move has been a 180 from the free sharing ethos in the company’s start-up phase that eventually became a puckish tool for promotion. The new ad-supported tier, which costs less than paying for an extra account, has also benefited from the new password setup, helping Netflix to reach almost 270 million global subscribers.
Speaking on the company’s earnings call, Peters described internal data from “owner households,” meaning those not affected by the new policy. In the first quarter, he said, viewing by those subscribers...
- 4/18/2024
- by Dade Hayes
- Deadline Film + TV
In 2023, the then-newly named Netflix co-ceo Greg Peters saw his total target compensation package grow to $40 million up from $26 million the prior year.
Co-CEO Ted Sarandos brought in $49.8 million in 2023, with a base salary of $3 million, $28 million in stock awards, an annual bonus of $16.5 million and all other compensation totaling close to $2 million, down from $50.3 million the prior year.
Sarandos’ all other compensation includes, “$13,200 representing our matching contribution made under our 401(k) plan, $55,913 for car services, $620,013 for personal use of company aircraft, and $1,295,805 in residential security costs paid to a third-party provider by the Company valued on the basis of aggregate incremental cost to the Company,” per a proxy filing.
Peters’ pay package included a base salary of $2.89 million, stock awards of $22.7 million, a bonus of $13.9 million and all other compensation totaling $620,602, which relates to use of the company aircraft.
Reed Hastings, now the company’s executive chairman who stepped...
Co-CEO Ted Sarandos brought in $49.8 million in 2023, with a base salary of $3 million, $28 million in stock awards, an annual bonus of $16.5 million and all other compensation totaling close to $2 million, down from $50.3 million the prior year.
Sarandos’ all other compensation includes, “$13,200 representing our matching contribution made under our 401(k) plan, $55,913 for car services, $620,013 for personal use of company aircraft, and $1,295,805 in residential security costs paid to a third-party provider by the Company valued on the basis of aggregate incremental cost to the Company,” per a proxy filing.
Peters’ pay package included a base salary of $2.89 million, stock awards of $22.7 million, a bonus of $13.9 million and all other compensation totaling $620,602, which relates to use of the company aircraft.
Reed Hastings, now the company’s executive chairman who stepped...
- 4/18/2024
- by Caitlin Huston
- The Hollywood Reporter - Movie News
Netflix co-ceo Ted Sarandos earned a bit less in 2023 than the year before — but he still had a pay package worth $49.8 million.
That was down from $50.3 million for Sarandos in 2022, according to Netflix’s proxy statement filed Thursday with the SEC. In 2023, Sarandos had a base salary of $3 million, $28.3 million worth of stock option awards, a $16.5 cash bonus and $1.98 million in other compensation. The Netflix board’s compensation committee approved the residential security costs “after considering the potential security concerns related to Mr. Sarandos’ service as an executive officer and believes the security costs are a necessary and appropriate business expense.”
Greg Peters, who assumed the role of co-ceo in January 2023, had a compensation package last year worth $40.1 million, a significant jump from $28.1 million in 2022. He previously had served as COO and chief product officer. Peters’ 2023 pay included $2.9 million salary, $22.7 million in stock options, a $13.9 million cash bonus and $620,602 for personal use of company aircraft.
That was down from $50.3 million for Sarandos in 2022, according to Netflix’s proxy statement filed Thursday with the SEC. In 2023, Sarandos had a base salary of $3 million, $28.3 million worth of stock option awards, a $16.5 cash bonus and $1.98 million in other compensation. The Netflix board’s compensation committee approved the residential security costs “after considering the potential security concerns related to Mr. Sarandos’ service as an executive officer and believes the security costs are a necessary and appropriate business expense.”
Greg Peters, who assumed the role of co-ceo in January 2023, had a compensation package last year worth $40.1 million, a significant jump from $28.1 million in 2022. He previously had served as COO and chief product officer. Peters’ 2023 pay included $2.9 million salary, $22.7 million in stock options, a $13.9 million cash bonus and $620,602 for personal use of company aircraft.
- 4/18/2024
- by Todd Spangler
- Variety Film + TV
Netflix co-ceo Ted Sarandos saw a 2023 compensation package valued at $49.8 million, down a hair from the year before but with one big change — he took more in stock option awards than in cash as the streamer shifts its pay policies.
Sarandos had a $3 million base salary for last year, up from $20 million the year before. Option awards worth $28.3 million compared with $28.5 million for 2022. Also in 2023, he was awarded a non-equity incentive plan compensation — like a cash bonus — for $16.5 million, according to the company’s latest proxy report.
Co-CEO Greg Peters had a package worth $40 million, up from $28 million in 2022. He was named co-ceo in Jan. of 2023.
Proxies list the salaries of a company’s five highest paid executives. Netflix’ hit in the middle of a webcast with execs discussing first quarter earnings.
Netflix has frequently tangled with shareholders over executive pay, particularly how it allowed executives to choose how they want to be paid,...
Sarandos had a $3 million base salary for last year, up from $20 million the year before. Option awards worth $28.3 million compared with $28.5 million for 2022. Also in 2023, he was awarded a non-equity incentive plan compensation — like a cash bonus — for $16.5 million, according to the company’s latest proxy report.
Co-CEO Greg Peters had a package worth $40 million, up from $28 million in 2022. He was named co-ceo in Jan. of 2023.
Proxies list the salaries of a company’s five highest paid executives. Netflix’ hit in the middle of a webcast with execs discussing first quarter earnings.
Netflix has frequently tangled with shareholders over executive pay, particularly how it allowed executives to choose how they want to be paid,...
- 4/18/2024
- by Jill Goldsmith
- Deadline Film + TV
Netflix’s global subscribers climbed by 9.3m to 269.6m in the first quarter of 2024 and revenue increased 14.8% year-on-year to $9.4bn, beating analysts’ expectations on both counts.
The streamer said starting in Q1 2025 it will stop reporting quarterly membership numbers and average revenue per member and focus on its “primary financial metrics” like revenue, operating income, profit, earnings per share, and free cash flow.
Q2 revenue guidance of $9.49bn was below Wall Street estimates, causing stock to fall more than 5% after closing to $581.
However Q1 numbers were strong. The ad-supported tier is entering its second year and business grew 65% since last...
The streamer said starting in Q1 2025 it will stop reporting quarterly membership numbers and average revenue per member and focus on its “primary financial metrics” like revenue, operating income, profit, earnings per share, and free cash flow.
Q2 revenue guidance of $9.49bn was below Wall Street estimates, causing stock to fall more than 5% after closing to $581.
However Q1 numbers were strong. The ad-supported tier is entering its second year and business grew 65% since last...
- 4/18/2024
- ScreenDaily
Netflix’s global subscribers climbed by 9.3m to 269.6m in the first quarter of 2024 and revenue increased 14.8% year-on-year to $9.4bn, beating analysts’ expectations on both counts.
The streamer said starting in Q1 2025 it will stop reporting quarterly membership numbers and average revenue per member and focus on its “primary financial metrics” like revenue, operating income, profit, earnings per share, and free cash flow.
Q2 revenue guidance of $9.49bn was below Wall Street estimates, causing stock to fall more than 5% after closing to $581.
However Q1 numbers were strong. Operating income grew by 54% from $1.7bn in Q1 2023 to $2.6bn, and operating margin...
The streamer said starting in Q1 2025 it will stop reporting quarterly membership numbers and average revenue per member and focus on its “primary financial metrics” like revenue, operating income, profit, earnings per share, and free cash flow.
Q2 revenue guidance of $9.49bn was below Wall Street estimates, causing stock to fall more than 5% after closing to $581.
However Q1 numbers were strong. Operating income grew by 54% from $1.7bn in Q1 2023 to $2.6bn, and operating margin...
- 4/18/2024
- ScreenDaily
Netflix’s global membership climbed by 9.3m to 269.6m in the first quarter of 2024 and revenue increased 14.8% year-on-year to $9.4bn, beating analysts’ expectations on both counts.
The streamer said starting in Q1 2025 it will stop reporting quarterly membership numbers and average revenue per member and focus on its “primary financial metrics” like revenue, operating income, profit, earnings per share, and free cash flow.
Q2 revenue guidance of $9.49bn was below Wall Street estimates, causing stock to fall more than 5% after closing to $581.
However Q1 numbers were strong. Operating income grew by 54% from $1.7bn in Q1 2023 to $2.6bn, and operating margin...
The streamer said starting in Q1 2025 it will stop reporting quarterly membership numbers and average revenue per member and focus on its “primary financial metrics” like revenue, operating income, profit, earnings per share, and free cash flow.
Q2 revenue guidance of $9.49bn was below Wall Street estimates, causing stock to fall more than 5% after closing to $581.
However Q1 numbers were strong. Operating income grew by 54% from $1.7bn in Q1 2023 to $2.6bn, and operating margin...
- 4/18/2024
- ScreenDaily
Netflix’s global membership climbed by 9.33m to 269.6m in the first quarter of 2024 and revenue increased 14.8% year-on-year to $9.4bn, beating analysts’ expectations on both counts.
The streamer said starting in Q1 2025 it will stop reporting quarterly membership numbers and average revenue per member and focus on its “primary financial metrics” like revenue, operating income, profit, earnings per share, and free cash flow.
Q2 revenue guidance of $9.49bn was below Wall Street estimates, causing stock to fall more than 5% after closing to $581.
However Q1 numbers were strong. Operating income grew by 54% from $1.7bn in Q1 2023 to $2.6bn, and operating margin...
The streamer said starting in Q1 2025 it will stop reporting quarterly membership numbers and average revenue per member and focus on its “primary financial metrics” like revenue, operating income, profit, earnings per share, and free cash flow.
Q2 revenue guidance of $9.49bn was below Wall Street estimates, causing stock to fall more than 5% after closing to $581.
However Q1 numbers were strong. Operating income grew by 54% from $1.7bn in Q1 2023 to $2.6bn, and operating margin...
- 4/18/2024
- ScreenDaily
Netflix added a whopping 9.33 million subscribers in the first quarter of the year, an impressive figure that blew away Wall Street’s expectations. We now know it has just shy of 270 million subscribers worldwide.
Well, don’t get used to it. 2024 is the last year Netflix will share publicly how many subscribers it added or lost in a given quarter during its quarterly earnings reports, the company announced on Thursday to kick off its fiscal 2024.
The streamer writes that beginning in Q1 2025, Netflix will “stop reporting quarterly membership numbers and Arm,” which stands for “average revenue per membership.” So not only will we not know each quarter how many subscribers Netflix has at a given moment, we also won’t know how much revenue it made off each of those subscribers.
The company explains it’s now focused on revenue, operating margins, and engagement (time spent on Netflix) as its main barometers for success.
Well, don’t get used to it. 2024 is the last year Netflix will share publicly how many subscribers it added or lost in a given quarter during its quarterly earnings reports, the company announced on Thursday to kick off its fiscal 2024.
The streamer writes that beginning in Q1 2025, Netflix will “stop reporting quarterly membership numbers and Arm,” which stands for “average revenue per membership.” So not only will we not know each quarter how many subscribers Netflix has at a given moment, we also won’t know how much revenue it made off each of those subscribers.
The company explains it’s now focused on revenue, operating margins, and engagement (time spent on Netflix) as its main barometers for success.
- 4/18/2024
- by Brian Welk
- Indiewire
Netflix will no longer report subscriber numbers — which has been a key metric for streaming services for years — beginning with the first quarter of 2025.
The company made the announcement in releasing its first-quarter 2024 earnings Thursday. Netflix handily topped expectations for subscribers net adds, gaining 9.33 million in the period, to reach nearly 270 million globally. It also beat Wall Street expectations on the top and bottom lines.
Despite the Q1 earnings beat, Netflix shares dropped more than 4.5% in after-hours trading Thursday, possibly as investors reacted negatively to the news that the streamer will stop reporting quarterly sub totals.
In its Q1 letter to shareholders, Netflix said that engagement — time spent with the service — is its “best proxy for customer satisfaction.” As such, it will no longer report quarterly membership numbers or average revenue per member (which it dubs “Arm”), as of Q1 2025. Netflix said it will announce “major subscriber milestones as we...
The company made the announcement in releasing its first-quarter 2024 earnings Thursday. Netflix handily topped expectations for subscribers net adds, gaining 9.33 million in the period, to reach nearly 270 million globally. It also beat Wall Street expectations on the top and bottom lines.
Despite the Q1 earnings beat, Netflix shares dropped more than 4.5% in after-hours trading Thursday, possibly as investors reacted negatively to the news that the streamer will stop reporting quarterly sub totals.
In its Q1 letter to shareholders, Netflix said that engagement — time spent with the service — is its “best proxy for customer satisfaction.” As such, it will no longer report quarterly membership numbers or average revenue per member (which it dubs “Arm”), as of Q1 2025. Netflix said it will announce “major subscriber milestones as we...
- 4/18/2024
- by Todd Spangler
- Variety Film + TV
Netflix reported its first-quarter earnings Thursday, adding 9.3 million subscribers and expanding its lead as subscription streaming TV’s dominant platform.
The company now has 269.6 million global subscribers. The company said in its quarterly letter that it will stop reporting subscriber numbers and average revenue per member beginning in the first quarter of 2025.
Netflix reported revenue of $9.4 billion and operating income of $2.6 billion, both up substantially from a year earlier.
For Q2, the company expects revenue growth to be at 16 percent, with lower paid net additions due to seasonality. For the year, the company expects annual revenue growth of 13-15 percent.
Netflix has been on a tear in recent months, adding millions of subscribers each quarter thanks to its consistent slate of programming, and its recent efforts to crack down on password and account sharing, as well as its push into advertising via its nascent and less expensive ad tier. In...
The company now has 269.6 million global subscribers. The company said in its quarterly letter that it will stop reporting subscriber numbers and average revenue per member beginning in the first quarter of 2025.
Netflix reported revenue of $9.4 billion and operating income of $2.6 billion, both up substantially from a year earlier.
For Q2, the company expects revenue growth to be at 16 percent, with lower paid net additions due to seasonality. For the year, the company expects annual revenue growth of 13-15 percent.
Netflix has been on a tear in recent months, adding millions of subscribers each quarter thanks to its consistent slate of programming, and its recent efforts to crack down on password and account sharing, as well as its push into advertising via its nascent and less expensive ad tier. In...
- 4/18/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Netflix added 9.3 million subscribers in the quarter ended March 31, reaching 269.6 million worldwide, and outperformed expectations in other key areas in its latest strong financial report.
Revenue and earnings per share both handily exceeded Wall Street forecasts at $9.37 billion and $5.28, respectively. The top line was up 15% from the same quarter in 2023, while Eps came in at nearly double the year-ago period’s $2.88. Operating income jumped 28% from the prior year to reach $2.6 billion.
In its quarterly letter to shareholders, Netflix made the surprising disclosure that it plans to stop reporting subscriber totals and average revenue per subscriber starting with its first quarter results in 2025.
“In our early days, when we had little revenue or profit, membership growth was a strong indicator of our future potential,” the letter said. “But now we’re generating very substantial profit and free cash flow (Fcf). We are also developing new revenue streams like advertising and our extra member feature,...
Revenue and earnings per share both handily exceeded Wall Street forecasts at $9.37 billion and $5.28, respectively. The top line was up 15% from the same quarter in 2023, while Eps came in at nearly double the year-ago period’s $2.88. Operating income jumped 28% from the prior year to reach $2.6 billion.
In its quarterly letter to shareholders, Netflix made the surprising disclosure that it plans to stop reporting subscriber totals and average revenue per subscriber starting with its first quarter results in 2025.
“In our early days, when we had little revenue or profit, membership growth was a strong indicator of our future potential,” the letter said. “But now we’re generating very substantial profit and free cash flow (Fcf). We are also developing new revenue streams like advertising and our extra member feature,...
- 4/18/2024
- by Dade Hayes
- Deadline Film + TV
Netflix stuck the landing on a star-studded exhibition match between tennis superstars Rafael Nadal and Carlos Alcaraz this weekend. Stakes were high on the court, but the Las Vegas showdown was most effective as a lush advertisement for the streamer as a fledgling live sports destination.
Taking over the Mandalay Bay’s Michelob Ultra Arena, the inaugural Netflix Slam pit legend Nadal against 20-year-old Alcaraz. Rafa, as Nadal is affectionately known to millions of global fans, had not played since a hip injury flared up in 2023. Nadal has only faced Alcaraz a handful of times in his career and wound up losing to the prodigy in a nail-biting tie break.
No one really lost, though. Least of all Netflix. Branding was so pervasive in the hotel and casino that pedestrians lined up 100 deep to take photos in front of a “Netflix Slam” sign, installed on a massive wall of tennis balls.
Taking over the Mandalay Bay’s Michelob Ultra Arena, the inaugural Netflix Slam pit legend Nadal against 20-year-old Alcaraz. Rafa, as Nadal is affectionately known to millions of global fans, had not played since a hip injury flared up in 2023. Nadal has only faced Alcaraz a handful of times in his career and wound up losing to the prodigy in a nail-biting tie break.
No one really lost, though. Least of all Netflix. Branding was so pervasive in the hotel and casino that pedestrians lined up 100 deep to take photos in front of a “Netflix Slam” sign, installed on a massive wall of tennis balls.
- 3/4/2024
- by Matt Donnelly
- Variety Film + TV
“Ok, I can die now.”
So said a woman seated behind The Hollywood Reporter inside Mandalay Bay’s Michelob Ultra Arena in Las Vegas, host of the inaugural The Netflix Slam. She had just snapped a selfie that captured superstars Rafael Nadal and Carlos Alcaraz warming up on center court over her shoulder. Sure, it was a dramatic statement but it wasn’t obscene for such an occasion. There’s no shortage of gasp-worthy moments in Sin City, and there’s no doubt many of the 9,489 seated guests could relate to the sentiment.
The Sunday afternoon showdown, the latest in Netflix’s push for live streaming events, pitted two superstar Spaniards in an exhibition match that could be one of the final few times they meet across a net. The fact that it happened was a bit of a coup, too, as it was rescheduled last year due to Nadal...
So said a woman seated behind The Hollywood Reporter inside Mandalay Bay’s Michelob Ultra Arena in Las Vegas, host of the inaugural The Netflix Slam. She had just snapped a selfie that captured superstars Rafael Nadal and Carlos Alcaraz warming up on center court over her shoulder. Sure, it was a dramatic statement but it wasn’t obscene for such an occasion. There’s no shortage of gasp-worthy moments in Sin City, and there’s no doubt many of the 9,489 seated guests could relate to the sentiment.
The Sunday afternoon showdown, the latest in Netflix’s push for live streaming events, pitted two superstar Spaniards in an exhibition match that could be one of the final few times they meet across a net. The fact that it happened was a bit of a coup, too, as it was rescheduled last year due to Nadal...
- 3/4/2024
- by Chris Gardner
- The Hollywood Reporter - Movie News
Netflix founder and executive chair Reed Hastings has gifted 2 million shares, worth over $1.1 billion at the stock’s current price, to the Mountain View, California-based Silicon Valley Community Foundation, Deadline has confirmed.
The move was noted in a recent SEC filing without the beneficiary named. The donation was a big chunk of Hastings’ Netflix stock — about 40%. He still owns 2,991,541 shares, the filing said.
The stock has been having a great run and closed today at $575.08.
Hastings had a net worth of $6.6 billion before the latest gift, according to the Bloomberg Billionaires Index. He has donated to educational institutions led by HBCUs (Historically Black Colleges and Universities). Last year, he gave $20 million to Minerva University in San Francisco.
Hastings stepped down as co-ceo of Netflix with Ted Sarandos a year ago. Greg Peters is now co-ceo.
The Silicon Valley Community Foundation is a nonprofit public benefit corporation dedicated to charitable activities,...
The move was noted in a recent SEC filing without the beneficiary named. The donation was a big chunk of Hastings’ Netflix stock — about 40%. He still owns 2,991,541 shares, the filing said.
The stock has been having a great run and closed today at $575.08.
Hastings had a net worth of $6.6 billion before the latest gift, according to the Bloomberg Billionaires Index. He has donated to educational institutions led by HBCUs (Historically Black Colleges and Universities). Last year, he gave $20 million to Minerva University in San Francisco.
Hastings stepped down as co-ceo of Netflix with Ted Sarandos a year ago. Greg Peters is now co-ceo.
The Silicon Valley Community Foundation is a nonprofit public benefit corporation dedicated to charitable activities,...
- 1/30/2024
- by Jill Goldsmith
- Deadline Film + TV
In Netflix’s global smash hit Squid Game, the penultimate challenge sees the last few surviving competitors make their way across a glass bridge. One wrong move, and the player falls to their demise.
But as the players progressed, they hit upon a revelation: Yes, there will only be one winner of the final game, but if they work together, they can cross the chasm and survive for one more day.
Netflix, led by co-CEOs Ted Sarandos and Greg Peters, has won the streaming wars (Morgan Stanley proclaimed it “The Undisputed” in a Jan. 23 research note, and the next day Bernstein declared the company “clearly the winner in streaming”), and the company and Wall Street see plenty more room to grow.
But even as Netflix appears poised to reign as the streaming champion, it also finds itself more open than ever to partnering with its competitors-turned-suppliers, perhaps even helping them...
But as the players progressed, they hit upon a revelation: Yes, there will only be one winner of the final game, but if they work together, they can cross the chasm and survive for one more day.
Netflix, led by co-CEOs Ted Sarandos and Greg Peters, has won the streaming wars (Morgan Stanley proclaimed it “The Undisputed” in a Jan. 23 research note, and the next day Bernstein declared the company “clearly the winner in streaming”), and the company and Wall Street see plenty more room to grow.
But even as Netflix appears poised to reign as the streaming champion, it also finds itself more open than ever to partnering with its competitors-turned-suppliers, perhaps even helping them...
- 1/26/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Netflix shares jumped on Wednesday after the streaming giant surprised Wall Street on Jan. 23 by reporting its second-best quarterly subscriber additions ever (13 million) and unveiling a 10-year, $5 billion deal for WWE flagship show Raw, as well as the sports entertainment powerhouse’s content internationally.
The latter allowed the company to make a big splash in the live events content space that it has been targeting. “Expanding into live event programming is something we’ve talked about for quite a while, and this has been in the works, so we used to look at this as fits inside of our $17 billion programming spend now,” said co-ceo Ted Sarandos on its earnings call.
And the streaming giant’s fourth-quarter earnings report showed it ending 2023 with 260 million subscribers worldwide, helped by such original programming as Squid Game: The Challenge, new seasons of Lupin and Sex Education, the Money Heist spin-off Berlin, the conclusion of The Crown,...
The latter allowed the company to make a big splash in the live events content space that it has been targeting. “Expanding into live event programming is something we’ve talked about for quite a while, and this has been in the works, so we used to look at this as fits inside of our $17 billion programming spend now,” said co-ceo Ted Sarandos on its earnings call.
And the streaming giant’s fourth-quarter earnings report showed it ending 2023 with 260 million subscribers worldwide, helped by such original programming as Squid Game: The Challenge, new seasons of Lupin and Sex Education, the Money Heist spin-off Berlin, the conclusion of The Crown,...
- 1/24/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
Netflix’ crackdown on password sharing, or as the streamer calls it a focus on “paid sharing,” will drive growth for years to come, said the streamer’s co-ceo, addressing a Wall Street concern that benefits may top out this year.
“Our paid sharing work, and our ads work, creates a more effective engine to translate all [Netflix] value into revenue growth, and will support increased conversion of our addressable market in many years to come,” promised Greg Peters on the fourth-quarter earnings video call. That engine, he stressed, “works on top of very healthy organic growth” driven by content including TV series and movies, games, and now live events following a long-term deal with WWE announced earlier today.
“We’re excited to be at the point where we’ve operationalized that paid- sharing product work. It’s integrated into everything we do, and we are iterating and improving on it just...
“Our paid sharing work, and our ads work, creates a more effective engine to translate all [Netflix] value into revenue growth, and will support increased conversion of our addressable market in many years to come,” promised Greg Peters on the fourth-quarter earnings video call. That engine, he stressed, “works on top of very healthy organic growth” driven by content including TV series and movies, games, and now live events following a long-term deal with WWE announced earlier today.
“We’re excited to be at the point where we’ve operationalized that paid- sharing product work. It’s integrated into everything we do, and we are iterating and improving on it just...
- 1/23/2024
- by Jill Goldsmith
- Deadline Film + TV
Netflix Chief Content Officer Ted Sarandos was asked by an analyst on today’s Q4 earnings call if “the recent management departure” would impact the streamer’s future plans for making original feature films.
“Recent management departure” meaning Film Boss Scott Stuber (who wasn’t specifically name-checked on the call), who is expected to leave in March to start his own media company.
The analyst pointed out that Netflix original movies, even though they outperform licensed titles in viewers and hours, don’t have the same kind of cultural impact that the streamer’s series do.
“Our original movies are attracting some of the biggest audiences in the world,” heralded Sarandos, giving a shoutout to Sam Esmail’s thriller feature, Leave the World Behind, starring Julia Roberts, Mahershala Ali, Ethan Hawke and Myha’la.
Related: Netflix Co-Chief Ted Sarandos Says WWE Deal Is “Right In The Sweet Spot” Of Emerging “Drama...
“Recent management departure” meaning Film Boss Scott Stuber (who wasn’t specifically name-checked on the call), who is expected to leave in March to start his own media company.
The analyst pointed out that Netflix original movies, even though they outperform licensed titles in viewers and hours, don’t have the same kind of cultural impact that the streamer’s series do.
“Our original movies are attracting some of the biggest audiences in the world,” heralded Sarandos, giving a shoutout to Sam Esmail’s thriller feature, Leave the World Behind, starring Julia Roberts, Mahershala Ali, Ethan Hawke and Myha’la.
Related: Netflix Co-Chief Ted Sarandos Says WWE Deal Is “Right In The Sweet Spot” Of Emerging “Drama...
- 1/23/2024
- by Anthony D'Alessandro
- Deadline Film + TV
Netflix Co-CEO Greg Peters says the company once contemplated an advertising strategy similar to the one used by Amazon, which starting this month is making subscribers pay extra in order to avoid ads.
In the end, though, Peters said the executive team concluded that the approach would put an undue burden on subscribers.
“We did consider making advertising the default option,” Peters said in response to a Wall Street analyst’s question on the company’s fourth-quarter earnings call. “But given our long history of not having ads, we thought it was better for members, rather than forcing them into a change and get them mad.”
The decision was ultimately made to try to incentivize existing customers rather than penalize some of them with extra fees. Prime Video, which Peters did not name in his answer, requires customers to pay $3 a month extra to not see any ads on original programming.
In the end, though, Peters said the executive team concluded that the approach would put an undue burden on subscribers.
“We did consider making advertising the default option,” Peters said in response to a Wall Street analyst’s question on the company’s fourth-quarter earnings call. “But given our long history of not having ads, we thought it was better for members, rather than forcing them into a change and get them mad.”
The decision was ultimately made to try to incentivize existing customers rather than penalize some of them with extra fees. Prime Video, which Peters did not name in his answer, requires customers to pay $3 a month extra to not see any ads on original programming.
- 1/23/2024
- by Dade Hayes
- Deadline Film + TV
It’s the beginning of the end for Netflix’s lowest-cost plan that does not include advertising.
In reporting results for the fourth quarter of 2023, in which it added a better-than-expected 13.1 million net subscribers, Netflix touted its ad-supported plan as accounting for 40% of all Netflix sign-ups in markets where it has launched that, and said the number of subscribers on ad tiers grew almost 70% quarter-over-quarter. The company didn’t break out subscriber numbers but said it recently surpassed 23 million monthly active unique users on advertising tiers.
To drive more customers to the ad-supported plan, the company said it plans to retire the no-ads Basic plan in some of the countries where it has introduced the ad tier. That will start with Canada and the U.K. in the second quarter of 2024 and the company will be “taking it from there,” Netflix said in the Q4 shareholder letter.
On the Q4 earnings interview,...
In reporting results for the fourth quarter of 2023, in which it added a better-than-expected 13.1 million net subscribers, Netflix touted its ad-supported plan as accounting for 40% of all Netflix sign-ups in markets where it has launched that, and said the number of subscribers on ad tiers grew almost 70% quarter-over-quarter. The company didn’t break out subscriber numbers but said it recently surpassed 23 million monthly active unique users on advertising tiers.
To drive more customers to the ad-supported plan, the company said it plans to retire the no-ads Basic plan in some of the countries where it has introduced the ad tier. That will start with Canada and the U.K. in the second quarter of 2024 and the company will be “taking it from there,” Netflix said in the Q4 shareholder letter.
On the Q4 earnings interview,...
- 1/23/2024
- by Todd Spangler
- Variety Film + TV
Netflix added 13.1m global paid subscribers in the fourth quarter of 2023 to reach 260.3m, way ahead of analysts’ expectations.
The streamer reported revenue of $8.8bn grew 12.5% year-on-year, delivering slightly above Wall Street expectations.
Net income of $938m and earnings per share of $2.11 dipped below forecasts, yet still outshone the year-ago equivalents of $55.3m and 12 cents per share.
Wall Street had forecast revenues of $8.7bn and $2.22 earnings per share, according to Lseg, the financial data service formerly known as Refinitiv. Free cash flow in 2023 ended at $6.9bn.
Speaking to analysts, co-ceo Ted Sarandos said Monday’s surprise news that chairman of...
The streamer reported revenue of $8.8bn grew 12.5% year-on-year, delivering slightly above Wall Street expectations.
Net income of $938m and earnings per share of $2.11 dipped below forecasts, yet still outshone the year-ago equivalents of $55.3m and 12 cents per share.
Wall Street had forecast revenues of $8.7bn and $2.22 earnings per share, according to Lseg, the financial data service formerly known as Refinitiv. Free cash flow in 2023 ended at $6.9bn.
Speaking to analysts, co-ceo Ted Sarandos said Monday’s surprise news that chairman of...
- 1/23/2024
- ScreenDaily
With the Hollywood strikes in the rearview mirror, Netflix reported a blockbuster quarter, with subscribers surging, and its profit margin staying strong.
The streaming giant reported 13 million new subscribers, with revenue of $8.8 billion and operating income of $1.5 billion. The company had reported 9 million new subscribers last quarter, as its crackdown on sharing passwords continued.
In fact, Q4 was the second-best quarter ever for subscriber sign-ups, only falling short of Q1 2020, when the Covid-19 pandemic led to a surge in sign-ups as people stayed home.
That being said, the company wrote in its quarterly letter that “we believe we’ve successfully addressed account sharing, ensuring that when people enjoy Netflix they pay for the service too,” suggesting that the surge in subscribers created by the crackdown is slowing.
“We have gotten to the point where paid sharing is just something that we do,” co-ceo Greg Peters said on the company’s earnings call.
The streaming giant reported 13 million new subscribers, with revenue of $8.8 billion and operating income of $1.5 billion. The company had reported 9 million new subscribers last quarter, as its crackdown on sharing passwords continued.
In fact, Q4 was the second-best quarter ever for subscriber sign-ups, only falling short of Q1 2020, when the Covid-19 pandemic led to a surge in sign-ups as people stayed home.
That being said, the company wrote in its quarterly letter that “we believe we’ve successfully addressed account sharing, ensuring that when people enjoy Netflix they pay for the service too,” suggesting that the surge in subscribers created by the crackdown is slowing.
“We have gotten to the point where paid sharing is just something that we do,” co-ceo Greg Peters said on the company’s earnings call.
- 1/23/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Scott Stuber, who pushed Netflix to expand into blockbuster movie territory, is stepping down from the streaming service’s top film job to form his own media company.
Stuber will remain with the streamer until March, at which point Netflix Cco Bela Bajaria will temporarily assume his role while she searches for a replacement. Bloomberg first reported the news.
Under Stuber’s direction, Netflix’s feature business aggressively entered the blockbuster space, courting filmmakers such as Zack Snyder, the Russo brothers, Michael Bay and Rawson Marshall Thurber. The era began with the Will Smith starrer Bright, the 2017 film that had a reported budget of $90 million, a hefty number that turned heads at the time but would soon look quaint compared to what was to come.
Red Notice, starring Dwayne Johnson, Ryan Reynolds and Gal Gadot, cost somewhere in the $250 million to $300 million range, while the Russo’ Gray Man cost in the $200 million range.
Stuber will remain with the streamer until March, at which point Netflix Cco Bela Bajaria will temporarily assume his role while she searches for a replacement. Bloomberg first reported the news.
Under Stuber’s direction, Netflix’s feature business aggressively entered the blockbuster space, courting filmmakers such as Zack Snyder, the Russo brothers, Michael Bay and Rawson Marshall Thurber. The era began with the Will Smith starrer Bright, the 2017 film that had a reported budget of $90 million, a hefty number that turned heads at the time but would soon look quaint compared to what was to come.
Red Notice, starring Dwayne Johnson, Ryan Reynolds and Gal Gadot, cost somewhere in the $250 million to $300 million range, while the Russo’ Gray Man cost in the $200 million range.
- 1/22/2024
- by Mia Galuppo and Aaron Couch
- The Hollywood Reporter - Movie News
In 2022, the stocks of streaming giant Netflix and most Hollywood giants fell to Earth. In 2023, major media and tech players had another grim year with investors as faith in streaming took another hit, even if their share prices ended the year on a roll, helped by renewed M&a talk.
Netflix soared back to subscriber growth with its ad-supported streaming offering and its stock was lifted back to health in 2023. And music streamer Spotify, Roku and Lionsgate were among the other big winners of the year, handily outperforming the 24.3 percent gain in the broad-based S&P 500 stock index to escape the carnage in much of the media sector.
Most old guard Hollywood players didn’t match that performance as those with legacy linear TV networks especially faced a roller coaster ride amid digital competition. But investors cheered as biggies like Disney, with CEO Bob Iger back at the helm, rose from...
Netflix soared back to subscriber growth with its ad-supported streaming offering and its stock was lifted back to health in 2023. And music streamer Spotify, Roku and Lionsgate were among the other big winners of the year, handily outperforming the 24.3 percent gain in the broad-based S&P 500 stock index to escape the carnage in much of the media sector.
Most old guard Hollywood players didn’t match that performance as those with legacy linear TV networks especially faced a roller coaster ride amid digital competition. But investors cheered as biggies like Disney, with CEO Bob Iger back at the helm, rose from...
- 12/29/2023
- by Georg Szalai and Etan Vlessing
- The Hollywood Reporter - Movie News
Apple kicked off 2023 by unveiling that CEO Tim Cook had requested a pay cut following a drop in shareholder support for his compensation package. Then, on Dec. 8, Netflix disclosed changes to the streaming giant’s executive pay structure. The overhaul was seen as a reaction to a June vote — during the Writers Guild of America strike — when its shareholders symbolically rejected compensation packages for top execs.
Are other publicly-traded Hollywood giants up next to update their compensation policies in 2024?
Apple and Netflix could simply be seen as special cases, but critics on Wall Street and beyond have in the past urged companies to focus on shareholder friendliness. In November, AMC Theatres shareholders voted against the compensation packages proposed for its executive officers, including CEO Adam Aron, who was paid $23.7 million in 2022.
The parade of Hollywood CEO pay disclosures in regulatory filings in 2023 will be remembered for bad timing (those disclosures...
Are other publicly-traded Hollywood giants up next to update their compensation policies in 2024?
Apple and Netflix could simply be seen as special cases, but critics on Wall Street and beyond have in the past urged companies to focus on shareholder friendliness. In November, AMC Theatres shareholders voted against the compensation packages proposed for its executive officers, including CEO Adam Aron, who was paid $23.7 million in 2022.
The parade of Hollywood CEO pay disclosures in regulatory filings in 2023 will be remembered for bad timing (those disclosures...
- 12/26/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
Netflix is overhauling the way it pays its top executives after shareholders rejected its CEO pay earlier this year … but co-CEOs Ted Sarandos and Greg Peters are still in line for big paydays next yar.
The company said Friday that it had approved target compensation packages worth $40 million for Sarandos and Peters for 2024.
However, the way it calculates their final compensation is being changed after shareholders indicated that they were not happy with the current compensation plan over the summer.
“Historically, Executive Officers have been permitted to allocate compensation to cash salary and stock options,” the company wrote in an SEC filing. “The Committee determined to eliminate this program feature to address shareholder concerns that executives could choose all cash compensation.”
Indeed, in past years Sarandos has taken a cash salary of $20 million, with the reminder of his pay in stock.
Moving forward, the salaries for Sarandos and Peters will be $3 million,...
The company said Friday that it had approved target compensation packages worth $40 million for Sarandos and Peters for 2024.
However, the way it calculates their final compensation is being changed after shareholders indicated that they were not happy with the current compensation plan over the summer.
“Historically, Executive Officers have been permitted to allocate compensation to cash salary and stock options,” the company wrote in an SEC filing. “The Committee determined to eliminate this program feature to address shareholder concerns that executives could choose all cash compensation.”
Indeed, in past years Sarandos has taken a cash salary of $20 million, with the reminder of his pay in stock.
Moving forward, the salaries for Sarandos and Peters will be $3 million,...
- 12/8/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Netflix said today it plans to award its co-chief operating officers identical compensation packages for 2024 worth $40 million each.
Ted Sarandos and Greg Peters will receive a $3 million base salary; a target bonus of $6 million; a Rsu award with a total value of $15.5 million and a Psu award also valued at $15 million. The RSUs are time-based restricted stock units. PSUs are performance-based restricted stock units. Netflix calls the packages total target compensation.
The numbers in an SEC filing reflect changes in the way Netflix pays its top executives. For one, the board no longer allows execs to chose whether they prefer to be paid in cash or stock. “Historically, Executive Officers have been permitted to allocate compensation to cash salary and stock options. The Committee determined to eliminate this program feature to address shareholder concerns that executives could choose all cash compensation,” the compensation committee said.
Sarandos had opted to take...
Ted Sarandos and Greg Peters will receive a $3 million base salary; a target bonus of $6 million; a Rsu award with a total value of $15.5 million and a Psu award also valued at $15 million. The RSUs are time-based restricted stock units. PSUs are performance-based restricted stock units. Netflix calls the packages total target compensation.
The numbers in an SEC filing reflect changes in the way Netflix pays its top executives. For one, the board no longer allows execs to chose whether they prefer to be paid in cash or stock. “Historically, Executive Officers have been permitted to allocate compensation to cash salary and stock options. The Committee determined to eliminate this program feature to address shareholder concerns that executives could choose all cash compensation,” the compensation committee said.
Sarandos had opted to take...
- 12/8/2023
- by Jill Goldsmith
- Deadline Film + TV
Netflix’s board has approved 2024 pay packages of its top execs, with co-CEOs Ted Sarandos and Greg Peters each receiving target compensation worth $40 million.
For Sarandos, $40 million is the same level of pay he is targeted to receive in 2023, while Peters is getting a 5% step-up from the $34.65 million in target compensation for this year. Peters, formerly chief product officer and COO, was named co-ceo alongside Sarandos in January of 2023. Their total target compensation is dependent on company performance and are not guaranteed figures.
Reed Hastings, who stepped aside as CEO earlier this year, remains executive chairman. His compensation package for 2024 is pegged at a target of $1 million, down from $3 million in 2023. Before he exited as CEO, Hastings’ pay target had been $34.7 million this year, mostly in stock.
Netflix disclosed the target pay packages for top execs in an SEC filing Friday. The company said the board’s compensation committee...
For Sarandos, $40 million is the same level of pay he is targeted to receive in 2023, while Peters is getting a 5% step-up from the $34.65 million in target compensation for this year. Peters, formerly chief product officer and COO, was named co-ceo alongside Sarandos in January of 2023. Their total target compensation is dependent on company performance and are not guaranteed figures.
Reed Hastings, who stepped aside as CEO earlier this year, remains executive chairman. His compensation package for 2024 is pegged at a target of $1 million, down from $3 million in 2023. Before he exited as CEO, Hastings’ pay target had been $34.7 million this year, mostly in stock.
Netflix disclosed the target pay packages for top execs in an SEC filing Friday. The company said the board’s compensation committee...
- 12/8/2023
- by Todd Spangler
- Variety Film + TV
Media, entertainment and tech companies held their own in the top 25 ranking of overpaid CEOs in 2022 by nonprofit As You Sow. Live Nation’s Michael Rapino ($139 million pay package) topped the list, which also included Netflix, Paramount Global and Warner Bros Discovery, as well as Charter, Apple and Alphabet.
Overall CEO pay has been front and center this year during a season of record labor unrest from writers and actors to auto workers. We won’t know 2023 pay for most companies until next spring.
The shareholder advocacy group’s ranking of S&P 500 companies, its tenth, is particular as it starts with pay, data that’s been out for months, and calculates what it calls overpay by measuring compensation against three metrics: total shareholder return; the number of shares that are voted against a CEOs pay package at the annual meeting; and the ratio of CEO pay to median worker...
Overall CEO pay has been front and center this year during a season of record labor unrest from writers and actors to auto workers. We won’t know 2023 pay for most companies until next spring.
The shareholder advocacy group’s ranking of S&P 500 companies, its tenth, is particular as it starts with pay, data that’s been out for months, and calculates what it calls overpay by measuring compensation against three metrics: total shareholder return; the number of shares that are voted against a CEOs pay package at the annual meeting; and the ratio of CEO pay to median worker...
- 11/15/2023
- by Jill Goldsmith
- Deadline Film + TV
Netflix is parlaying a strong quarter into a policy change. The streamer will raise prices on several of its subscription options, including its basic ad-free tier, after adding 8.76 million new customers during the third quarter of 2023.
Bloomberg reported that the customer uptick gave Netflix its “best quarter for subscriber growth in years.” The streamer beat analyst estimates in Q3; over the 2023 calendar year, Netflix is projected to add 20 million new subscribers. If it does, it will more than double last year’s customer gains.
Netflix execs partially attributed the company’s positive quarterly returns to its crackdown on password sharing. Though Co-CEO Greg Peters initially believed that move would be unpopular, the streamer received a wave of new subscriptions after limiting accounts to individual households.
Those added subscribers have bumped up Netflix’s bottom line, as have work stoppages in the entertainment industry. Though it may seem unintuitive, the recently-resolved...
Bloomberg reported that the customer uptick gave Netflix its “best quarter for subscriber growth in years.” The streamer beat analyst estimates in Q3; over the 2023 calendar year, Netflix is projected to add 20 million new subscribers. If it does, it will more than double last year’s customer gains.
Netflix execs partially attributed the company’s positive quarterly returns to its crackdown on password sharing. Though Co-CEO Greg Peters initially believed that move would be unpopular, the streamer received a wave of new subscriptions after limiting accounts to individual households.
Those added subscribers have bumped up Netflix’s bottom line, as have work stoppages in the entertainment industry. Though it may seem unintuitive, the recently-resolved...
- 10/20/2023
- by Sam Gutelle
- Tubefilter.com
If you’re still sharing your Netflix account with others, restrictions aimed at stopping you from doing will make their way to you eventually.
The consternation generated by the news that Netflix would begin stopping its users from logging into the service using shared passwords was palpable. But despite some catastrophic predictions on how many customers would depart from Netflix if the ability to share passwords was restricted, the company added 8.7 million new subscribers in the third quarter of 2023, and seemingly hasn’t slowed down one iota.
Netflix first began to crack down on password sharing in the United States in May. The company saw more former sharers sign up for an ad-free plan than the ad-supported plan initially, but that trend has started to turn around. The rollout of password-sharing rules has come in stages, so customers who have not been affected yet will be sooner or later. Sign Up $6.99+ / month netflix.
The consternation generated by the news that Netflix would begin stopping its users from logging into the service using shared passwords was palpable. But despite some catastrophic predictions on how many customers would depart from Netflix if the ability to share passwords was restricted, the company added 8.7 million new subscribers in the third quarter of 2023, and seemingly hasn’t slowed down one iota.
Netflix first began to crack down on password sharing in the United States in May. The company saw more former sharers sign up for an ad-free plan than the ad-supported plan initially, but that trend has started to turn around. The rollout of password-sharing rules has come in stages, so customers who have not been affected yet will be sooner or later. Sign Up $6.99+ / month netflix.
- 10/19/2023
- by David Satin
- The Streamable
Netflix has promised to make “substantial changes” to its executive pay model after significant shareholder pushback regarding the sizable pay packages.
“We recognize we don’t have wide support for our executive compensation model of the last 20 years. We are listening to our shareholders and plan on substantial changes for 2024 to a more conventional model,” Netflix said in its third quarter earnings statement. “Our executive compensation plan will continue to be built on pay for performance.”
The commitment to switch up the compensation model comes months after the company’s shareholders rejected the streamer’s $166 million executive pay package in June. Only 25.7% of shareholders approved the package, which included salaries for co-ceo Ted Sarandos, former co-ceo Reed Hastings and Greg Peters, who was elevated from COO to co-ceo. While the vote is nonbinding and serves a purely advisory function, it marked a rare dissent among similar “Say on Pay” proposals.
“We recognize we don’t have wide support for our executive compensation model of the last 20 years. We are listening to our shareholders and plan on substantial changes for 2024 to a more conventional model,” Netflix said in its third quarter earnings statement. “Our executive compensation plan will continue to be built on pay for performance.”
The commitment to switch up the compensation model comes months after the company’s shareholders rejected the streamer’s $166 million executive pay package in June. Only 25.7% of shareholders approved the package, which included salaries for co-ceo Ted Sarandos, former co-ceo Reed Hastings and Greg Peters, who was elevated from COO to co-ceo. While the vote is nonbinding and serves a purely advisory function, it marked a rare dissent among similar “Say on Pay” proposals.
- 10/18/2023
- by Loree Seitz
- The Wrap
Netflix said it’s working on modifications to CEO pay policies after a majority of shareholders declined to approve top executive compensation in a non-binding vote at the last annual meeting. The company had said as much earlier this year.
“We recognize we don’t have wide support for our executive compensation model of the last 20 years. We are listening to our shareholders and plan on substantial changes for 2024 to a more conventional model. Our executive compensation plan will continue to be built on pay for performance,” the company noted in its annual shareholder letter.
Netflix has consistently tangled with shareholders over CEO pay.
For 2022, Netflix co-CEOs last year — then Reed Hastings and Ted Sarandos, topped the list of chief executive pay, with about $50 million each, up 25% and 32%, respectively. Hastings segued to executive chairman early this year with Sarandos and Greg Peters now co-CEOs. Netflix has famously allowed executives to...
“We recognize we don’t have wide support for our executive compensation model of the last 20 years. We are listening to our shareholders and plan on substantial changes for 2024 to a more conventional model. Our executive compensation plan will continue to be built on pay for performance,” the company noted in its annual shareholder letter.
Netflix has consistently tangled with shareholders over CEO pay.
For 2022, Netflix co-CEOs last year — then Reed Hastings and Ted Sarandos, topped the list of chief executive pay, with about $50 million each, up 25% and 32%, respectively. Hastings segued to executive chairman early this year with Sarandos and Greg Peters now co-CEOs. Netflix has famously allowed executives to...
- 10/18/2023
- by Jill Goldsmith
- Deadline Film + TV
Changes are coming to Netflix’s executive compensation packages.
In its Q3 earnings letter, Netflix says that it is planning “substantial changes for 2024” to its CEO and executive pay packages. The promise to investors comes after shareholders rejected the company’s 2022 pay packages in a “Say on Pay” vote over the summer.
According to an SEC filing, Netflix shareholders rejected the pay packages by a 3-1 margin, with 241.7 million voting no and only 97.8 million voting yes. The vote was non-binding, but when shareholders reject the pay packages, companies usually respond by adjusting executive compensation plans. In fact, Netflix dealt with this exact issue in 2019, another year when shareholders rejected its CEO pay.
“We recognize we don’t have wide support for our executive compensation model of the last 20 years,” Netflix wrote Wednesday. Now, Netflix says it will shift its pay plans “to a more conventional model.”
Co-CEO Ted Sarandos and...
In its Q3 earnings letter, Netflix says that it is planning “substantial changes for 2024” to its CEO and executive pay packages. The promise to investors comes after shareholders rejected the company’s 2022 pay packages in a “Say on Pay” vote over the summer.
According to an SEC filing, Netflix shareholders rejected the pay packages by a 3-1 margin, with 241.7 million voting no and only 97.8 million voting yes. The vote was non-binding, but when shareholders reject the pay packages, companies usually respond by adjusting executive compensation plans. In fact, Netflix dealt with this exact issue in 2019, another year when shareholders rejected its CEO pay.
“We recognize we don’t have wide support for our executive compensation model of the last 20 years,” Netflix wrote Wednesday. Now, Netflix says it will shift its pay plans “to a more conventional model.”
Co-CEO Ted Sarandos and...
- 10/18/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Netflix will be rolling out price increases for some consumers in the U.S., U.K. and France starting Wednesday.
In the U.S., the prices for the basic plan — the lowest tier plan without advertising, which is no longer available to new members — will increase from $9.99 to $11.99, while the premium plan, which allows users to watch in Ultra HD on supported devices and download on six supported devices at a time, will increase from $19.99 to $22.99. The plan with ads, at $6.99, and standard plan, at $15.49, will remain the same price.
In the U.K. and France, pricing for the ad and standard plans remain unchanged, while the basic plan is jumping to 7.99 pounds and 10.99 euros, respectively, and standard is increasing to 17.99 pounds and 19.99 euros, respectively.
“While we mostly paused price increases as we rolled out paid sharing, our overall approach remains the same — a range of prices and plans to...
In the U.S., the prices for the basic plan — the lowest tier plan without advertising, which is no longer available to new members — will increase from $9.99 to $11.99, while the premium plan, which allows users to watch in Ultra HD on supported devices and download on six supported devices at a time, will increase from $19.99 to $22.99. The plan with ads, at $6.99, and standard plan, at $15.49, will remain the same price.
In the U.K. and France, pricing for the ad and standard plans remain unchanged, while the basic plan is jumping to 7.99 pounds and 10.99 euros, respectively, and standard is increasing to 17.99 pounds and 19.99 euros, respectively.
“While we mostly paused price increases as we rolled out paid sharing, our overall approach remains the same — a range of prices and plans to...
- 10/18/2023
- by Caitlin Huston
- The Hollywood Reporter - Movie News
Netflix is adding new subscribers at a torrid pace, as its password-sharing crackdown continues and as it makes moves that could push subscribers toward its nascent advertising tier.
The company reported 9 million new subscribers, with revenue of $8.5 billion and operating income of $1.7 billion. The company had reported 5.9 million new subscribers last quarter, thanks in part to its crackdown on sharing passwords.
Wall Street estimates for its Q3 had been for $8.5 billion in revenue, operating income of $1.9 billion, and net adds of 5.9 million subscribers.
Wall Street has taken a muted approach to the streaming giant since its blockbuster Q2 earnings report, as concerns about the Hollywood strikes and the slow development of the ad tier weighed on the company.
Netflix acknowledged the uncertainty in its quarterly shareholder letter.
“The last six months have been challenging for our industry given the combined writers and actors strikes in the US,” the letter said.
The company reported 9 million new subscribers, with revenue of $8.5 billion and operating income of $1.7 billion. The company had reported 5.9 million new subscribers last quarter, thanks in part to its crackdown on sharing passwords.
Wall Street estimates for its Q3 had been for $8.5 billion in revenue, operating income of $1.9 billion, and net adds of 5.9 million subscribers.
Wall Street has taken a muted approach to the streaming giant since its blockbuster Q2 earnings report, as concerns about the Hollywood strikes and the slow development of the ad tier weighed on the company.
Netflix acknowledged the uncertainty in its quarterly shareholder letter.
“The last six months have been challenging for our industry given the combined writers and actors strikes in the US,” the letter said.
- 10/18/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Netflix subscribers grew by 8.76 million in the third quarter of 2023, totaling 247.15 million by the end of the fiscal period Sept. 30.
Per a letter to shareholders accompanying the Q3 results Wednesday, “Adoption of our ads plan continues to grow — with ads plan membership up almost 70% quarter-over-quarter — and 30% of sign ups in our ads countries are, on average, to our ads plan, with more work to do to scale this business.”
The streamer says its $6.99-per-month ad-supported plan “continues to support our ads plan growth” in the U.S. At the same time, Netflix on Wednesday increased the price of its basic and premium plans in the U.S., as well as in France and the U.K.
Netflix called out several originals that it says boosted subscriber growth in Q3, including the hit live-action adaptation of beloved Japanese manga “One Piece,” along with the mighty viewership power of USA Network drama “Suits,...
Per a letter to shareholders accompanying the Q3 results Wednesday, “Adoption of our ads plan continues to grow — with ads plan membership up almost 70% quarter-over-quarter — and 30% of sign ups in our ads countries are, on average, to our ads plan, with more work to do to scale this business.”
The streamer says its $6.99-per-month ad-supported plan “continues to support our ads plan growth” in the U.S. At the same time, Netflix on Wednesday increased the price of its basic and premium plans in the U.S., as well as in France and the U.K.
Netflix called out several originals that it says boosted subscriber growth in Q3, including the hit live-action adaptation of beloved Japanese manga “One Piece,” along with the mighty viewership power of USA Network drama “Suits,...
- 10/18/2023
- by Jennifer Maas
- Variety Film + TV
Wall Street analysts lowered their growth forecasts for Netflix’s third-quarter earnings and slashed price targets for the streaming company’s stock as they await further clarity on the company’s growth strategy.
The changes for Netflix, which will report after the bell on Wednesday, come as analysts surveyed by Zacks Investment Research are expecting the company to report earnings of $3.47 per share on revenue of $8.54 billion for the quarter.
The streamer, which unlike its legacy media competitors is profitable, has shifted its focus to an ad-supported tier and a crackdown on password sharing for an estimated 100 million households globally as it looks to accelerate revenue growth, expand its margins and continue to grow positive free cash flow.
Netflix co-ceo Ted Sarandos acknowledged during Bloomberg’s Screentime conference on Thursday that the company’s ad tier is still in its infancy and “definitely not at the scale that we want it to be at yet.
The changes for Netflix, which will report after the bell on Wednesday, come as analysts surveyed by Zacks Investment Research are expecting the company to report earnings of $3.47 per share on revenue of $8.54 billion for the quarter.
The streamer, which unlike its legacy media competitors is profitable, has shifted its focus to an ad-supported tier and a crackdown on password sharing for an estimated 100 million households globally as it looks to accelerate revenue growth, expand its margins and continue to grow positive free cash flow.
Netflix co-ceo Ted Sarandos acknowledged during Bloomberg’s Screentime conference on Thursday that the company’s ad tier is still in its infancy and “definitely not at the scale that we want it to be at yet.
- 10/17/2023
- by Lucas Manfredi
- The Wrap
Despite all the work put into Netflix’s gaming segment, some investors have questioned the value of such an expensive foray into video games.
Netflix is determined to expand its boundaries beyond video streaming. The service has already reached the pinnacle of success amongst its peers, amassing more subscribers and a better profit margin than any of its competing streaming services.
Mobile games that are available on smart TVs and PCs are the next step in Netflix’s gaming evolution. Netflix is already testing a function that allows users to turn their phones into controllers. Games based on popular Netflix series like “Wednesday” and “Squid Game” are coming to the platform soon. Sign Up $6.99+ / month netflix.com
The Wall Street Journal's Jessica Toonkel, Sarah Needleman and Sarah Krouse report that Netflix is still full speed ahead on its efforts to grow its video game segment. The company will bring its...
Netflix is determined to expand its boundaries beyond video streaming. The service has already reached the pinnacle of success amongst its peers, amassing more subscribers and a better profit margin than any of its competing streaming services.
Mobile games that are available on smart TVs and PCs are the next step in Netflix’s gaming evolution. Netflix is already testing a function that allows users to turn their phones into controllers. Games based on popular Netflix series like “Wednesday” and “Squid Game” are coming to the platform soon. Sign Up $6.99+ / month netflix.com
The Wall Street Journal's Jessica Toonkel, Sarah Needleman and Sarah Krouse report that Netflix is still full speed ahead on its efforts to grow its video game segment. The company will bring its...
- 10/16/2023
- by The Streamable
- The Streamable
Netflix is expected to post strong subscriber gains when it reports its latest quarterly results on Oct. 18, but you couldn’t tell that from the stock’s performance since the global streamer’s July earnings update, when it added 5.9 million subscribers to total 238.4 million global paid memberships.
That is because shares in the streaming giant, run by Ted Sarandos and Greg Peters, have been losing ground since then as investors have been evaluating its earnings outlook amid cautious management comments about the growth of the firm’s nascent advertising tier and margins. “Building an ads business from scratch isn’t easy and we have lots of hard work ahead,” Netflix leadership said in a letter at the time.
Netflix executives also have signaled a possible increase in spending on licensed content. And any insight into the financial impact of the streamer’s password-sharing crackdown will also be closely watched. Indeed,...
That is because shares in the streaming giant, run by Ted Sarandos and Greg Peters, have been losing ground since then as investors have been evaluating its earnings outlook amid cautious management comments about the growth of the firm’s nascent advertising tier and margins. “Building an ads business from scratch isn’t easy and we have lots of hard work ahead,” Netflix leadership said in a letter at the time.
Netflix executives also have signaled a possible increase in spending on licensed content. And any insight into the financial impact of the streamer’s password-sharing crackdown will also be closely watched. Indeed,...
- 10/15/2023
- by Georg Szalai
- The Hollywood Reporter - Movie News
Netflix is learning their lesson from its livestream fiasco during the “Love Is Blind” Season 4 reunion, and is instead opting for a prerecorded reunion for the reality dating show’s fifth installment.
The Season 5 reunion will launch on Sunday, Oct. 15 at 8 p.m. Et/5 Pt on Netflix. The special episode will reconvene this season’s tumultuous relationships to reveal which couples are still together, as well as break down the stirring discoveries made throughout the season and past its airing.
The streamer leaned into its past mistakes in a self-deprecating teaser, in which a staffer crossed out the “live” from a poster that said “live reunion today.”
Watch it above.
“It’s not live, but it is unmissable,” the teaser reads.
After Netflix’s first live event, “Chris Rock: Selective Outrage,” went off without a hitch in early March, the streamer announced it would be live streaming the “Love Is Blind” Season 4 finale on Sunday,...
The Season 5 reunion will launch on Sunday, Oct. 15 at 8 p.m. Et/5 Pt on Netflix. The special episode will reconvene this season’s tumultuous relationships to reveal which couples are still together, as well as break down the stirring discoveries made throughout the season and past its airing.
The streamer leaned into its past mistakes in a self-deprecating teaser, in which a staffer crossed out the “live” from a poster that said “live reunion today.”
Watch it above.
“It’s not live, but it is unmissable,” the teaser reads.
After Netflix’s first live event, “Chris Rock: Selective Outrage,” went off without a hitch in early March, the streamer announced it would be live streaming the “Love Is Blind” Season 4 finale on Sunday,...
- 10/10/2023
- by Loree Seitz
- The Wrap
With the streaming bubble bursting and entertainment companies retooling their vision for the future of television, it seems like every new day yields a polarizing series cancellation. From viewership stats to marketing pitfalls and budgetary concerns, TV series are seeing the plug pulled at a seemingly faster rate than ever before — in some cases, after production has been completed and even before they’ve had a chance to air.
For example, after outcry over recently canned series like “1899,” “First Kill” and “Warrior Nun,” Netflix’s new co-ceos Ted Sarandos and Greg Peters said they have never canceled a “successful show.” Platforms like AMC, Starz, Showtime and HBO Max have pulled shows despite having the majority of filming finished or nearly done so. And for Hulu, journalists and audiences raised disappointment following the cancellation of “Reboot.”
At the same time, some shows across networks and streamers are coming to a close; conversely,...
For example, after outcry over recently canned series like “1899,” “First Kill” and “Warrior Nun,” Netflix’s new co-ceos Ted Sarandos and Greg Peters said they have never canceled a “successful show.” Platforms like AMC, Starz, Showtime and HBO Max have pulled shows despite having the majority of filming finished or nearly done so. And for Hulu, journalists and audiences raised disappointment following the cancellation of “Reboot.”
At the same time, some shows across networks and streamers are coming to a close; conversely,...
- 10/5/2023
- by Loree Seitz
- The Wrap
After spearheading Netflix’s entry into advertising last year, veteran exec Jeremi Gorman has exited the company.
Netflix exec Amy Reinhard has been promoted to president of advertising, replacing Gorman, who had come to the company last year after previous stints at Snap, Amazon and Yahoo.
In addition to the ad shuffle, Eunice Kim has been upped to Chief Product Officer and Elizabeth Stone to Chief Technology Officer. Stone joined the company in 2020 to lead data and insights, while Kim came aboard in 2021 after holding exec posts at Google and YouTube.
Netflix, which staged a virtual upfronts pitch last May, said at that time that its ad tier had reached 5 million subscribers globally. While that represents barely 2% of the company’s overall subscriber base of 238 million, it is a key strategic pillar as the streaming giant also implements paid password sharing as opposed to letting customers share passwords for free.
Netflix exec Amy Reinhard has been promoted to president of advertising, replacing Gorman, who had come to the company last year after previous stints at Snap, Amazon and Yahoo.
In addition to the ad shuffle, Eunice Kim has been upped to Chief Product Officer and Elizabeth Stone to Chief Technology Officer. Stone joined the company in 2020 to lead data and insights, while Kim came aboard in 2021 after holding exec posts at Google and YouTube.
Netflix, which staged a virtual upfronts pitch last May, said at that time that its ad tier had reached 5 million subscribers globally. While that represents barely 2% of the company’s overall subscriber base of 238 million, it is a key strategic pillar as the streaming giant also implements paid password sharing as opposed to letting customers share passwords for free.
- 10/3/2023
- by Dade Hayes
- Deadline Film + TV
After just more than a year at Netflix booting up the streamer’s ad business, Jeremi Gorman is leaving the company. Amy Reinhard, previously VP of studio operations, will succeed Gorman as president of advertising.
The change comes as Netflix announced two other notable C-suite appointments Tuesday, promoting Eunice Kim to chief product officer and Elizabeth Stone to Cto.
“I want to thank Jeremi for building our ads business from scratch. In just one year, she’s built the foundations we need to succeed — attracting world-class brands to Netflix and an incredible team,” Greg Peters, co-ceo of Netflix, said in a statement.
Gorman started at Netflix in September 2022, after almost four years as Snap’s chief business officer. She was tasked with building on the company’s work to launch its first ad-supported service as quickly as possible — and Netflix Basic With Ads launched in the U.S. (at $6.99/month) and 11 other countries in November.
The change comes as Netflix announced two other notable C-suite appointments Tuesday, promoting Eunice Kim to chief product officer and Elizabeth Stone to Cto.
“I want to thank Jeremi for building our ads business from scratch. In just one year, she’s built the foundations we need to succeed — attracting world-class brands to Netflix and an incredible team,” Greg Peters, co-ceo of Netflix, said in a statement.
Gorman started at Netflix in September 2022, after almost four years as Snap’s chief business officer. She was tasked with building on the company’s work to launch its first ad-supported service as quickly as possible — and Netflix Basic With Ads launched in the U.S. (at $6.99/month) and 11 other countries in November.
- 10/3/2023
- by Todd Spangler
- Variety Film + TV
Netflix has promoted longtime executive Amy Reinhard as the company’s new president of advertising, replacing current ad president Jeremi Gorman.
“In her nearly seven years at Netflix, Amy has proven to be an exceptionally strong leader with a deep understanding of the entertainment business and consumer tastes, as well as the ability to build lasting partnerships across the industry,” co-ceo Greg Peters said in a statement. “These skills, in particular her strength in TV and film, are critical for the success of our ads business.”
Reinhard joined Netflix in 2016 as the vice president of content acquisition. In that role, she led led global studio licensing for films and television series as well as local language acquisitions from Latin America, Europe, Africa, the Middle East and India. In 2020, she was named vice president of studio operations, where she has overseen physical production, production facilities management, consumer products and creative services,...
“In her nearly seven years at Netflix, Amy has proven to be an exceptionally strong leader with a deep understanding of the entertainment business and consumer tastes, as well as the ability to build lasting partnerships across the industry,” co-ceo Greg Peters said in a statement. “These skills, in particular her strength in TV and film, are critical for the success of our ads business.”
Reinhard joined Netflix in 2016 as the vice president of content acquisition. In that role, she led led global studio licensing for films and television series as well as local language acquisitions from Latin America, Europe, Africa, the Middle East and India. In 2020, she was named vice president of studio operations, where she has overseen physical production, production facilities management, consumer products and creative services,...
- 10/3/2023
- by Lucas Manfredi
- The Wrap
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