Netflix CEO Resignation...? Can't answer everyone..!?

Sowmiya Sriram
Netflix CEO Resignation...? Can't answer everyone..!?

While Netflix, which has turned the entertainment industry upside down, has grown tremendously during the Corona period, it is facing a huge impact after the Corona period. Everything that the people who are paralyzed at home during the Corona period have done for the public, has now been reversed. In this situation, Netflix is facing a lot of damage. As a result, the situation has worsened to the extent that the CEO of Netflix has resigned.
While US-headquartered Netflix Inc. is an undisputed leader in the streaming service industry, investors and shareholders have big questions about its revenue-generating methods and plans. He announced on thursday that he would be stepping down as CEO, handing control of the Netflix streaming service to longtime partner and co-CEO Ted Sarandos and Chief Operating Officer Greg Peters. Netflix shares have fallen nearly 38 percent in the past year alone. Meanwhile, Netflix's stock is on the 19th day of 2023 amid much volatility after the company reported that it did not gain more customers than it had forecast at the end of the year.
Netflix was in dire straits as it lost customers in the first half of 2022. And the recent announcement of a cheaper subscription plan with ads has boosted the number of new customers. Ted Sarandos and Greg Peters will share the CEO position. Meanwhile, Reed Hastings serves as executive chairman. The change is effective immediately for Netflix. It is seen as the culmination of Netflix management's management planning for the next 10 years. Both Peters and Sarandos were promoted in July 2020 amid challenging times for the company.
Reid Hastings, 62, founded the DVD-by-mail business that became Netflix in 1997. The business is selling DVDs of popular movies by post. But with the development of technology and expansion of internet services, it has now become the largest streaming service platform in the world.
Netflix has been investing heavily in all languages to expand its business in india by buying movies and web series at the rate of one film per month.
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