- Over the past year, revenue has hit all levels at Netflix, with layoffs as well as executive hires and departures.
- New leaders in gaming and film are tasked with driving the streamer’s growth.
- Netflix has hired power players from PepsiCo, Facebook, Electronic Arts and other companies.
Netflix is at a crossroads.
After overtaking all other entertainment companies over the past decade to become the number one streamer in the United States and the world, it fell out of favor with Wall Street in 2022. The company’s share price – which hit an all-time high of over $700 in November – fell by two-thirds through mid-July amid gloomy subscriber forecasts.
Netflix lost another 970,000 subscribers in the second quarter, a better-than-expected result that sent its stock price higher – but the feeling that the disruptor may have had its most successful days persists in Hollywood. The company has laid off at least 450 employees so far this year and has seen a few key executives leave, including chief marketing officer Bozoma Saint John.
But even as Netflix faces unprecedented challenges, it is preparing for ambitious growth — including a new ad-supported tier — and has hired heavy hitters to lead in areas like games, bringing in the former Facebook Oculus executive Mike Verdu as vice president of games.
As Netflix has teamed up with Microsoft to kick-start its ad business, many observers expect the streamer to eventually build its own team and tech, which would mean more big hiring in this area to come. . “Billions of people around the world love to stream TV and movies, and we only serve a few hundred million of them,” Netflix co-CEO Ted Sarandos said during the presentation. of the company’s second quarter results. “So the growth opportunity here is huge.”
Here is a list of eight powerful new players who have joined Netflix in the last year from rival streamers, game companies and other industry giants.