Tech

Netflix CEO blames this on huge losses


Co-CEO of Netflix Inc. said his company remained a “global champion” in streaming, blaming the loss of 200,000 subscribers as inflation caused households to reduce spending.

Netflix Co-CEO of Inc. said his company remains a “global champion” in streaming, blaming the loss of 200,000 subscribers in the first quarter on inflation that spurred households to reduce spending.

“Every customer questions the value of a subscription compared to its cost,” Ted Sarandos said in an interview with French newspaper Le JDD on Sunday. Netflix’s vision to “satisfy the consumer” remains intact, he added, citing the popularity of the new season “Stranger Things.”

Netflix has been trying to control costs as subscriber growth slows. As part of those efforts, the streaming giant laid off employees, including 150 in May and another 300 in June.

The company is “adapting to slower-than-expected growth” and is doing so “unlimited spending on content production, which will reach 17 billion euros ($17.3 billion).” in 2022,” Sarandos said.

The introduction of advertising will be global and make Netflix business The model is more complex, the co-CEO said, but will allow the company to attract customers Who want to pay less.

Sarandos says Netflix now has more than 10 million subscribers in France, compared with 6.7 million in 2020, when it last reported the number.

They invested 200 million euros in French-language content this year, including 40 million euros for films that were first released in cinemas in France. It recently purchased the rights to stream Johnny Depp’s next movie in France, Bloomberg previous report.

However, Sarandos criticized an exclusivity agreement with local film associations that allowed Netflix to screen the film just 15 months after its release in theaters in France.

“The right time frame is weeks, not months,” he said.





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