What simply occurred? During the peak of the pandemic, it appeared like Netflix’s star would by no means cease shining. But since then the corporate’s share worth has fallen from a excessive of $690 to only $195 in the present day, one thing its CEO calls “horrifying, disappointing and embarrassing.” He additionally addressed the Dave Chappelle controversy by evaluating any potential canceling of the comic with censorship within the Middle East.
April introduced information that Netflix seemingly thought would by no means occur: for the primary time in a decade, its total variety of subscribers was down, which the streamer blamed on the whole lot from rivals like Disney+ to account sharing and the Russia/Ukraine battle. The ensuing share crash noticed it lose $54 billion in a single day.
Netflix’s shares have collapsed an additional 75% since April’s bombshell. In an interview with The New York Times, CEO Ted Sarandos known as the state of affairs “horrifying, disappointing and embarrassing” however added that the corporate wants to maneuver on.
“We make selections based mostly on the perfect data we have now on the time. They usually are not at all times going to be proper, however the way you assist navigate the outcomes, and the urgency you convey to it, is what will get of us via the storm. And the storms will come,” he stated.
The CEO additionally talked concerning the controversy surrounding its Dave Chappelle Netflix particular, The Closer, by which the comic jokes about transgender folks. Sarandos stated that whereas he was shocked by the extent of shock it brought on and the Netflix workers who walked out in protest, he didn’t agonize over whether or not to help Chappelle. Ricky Gervais has been embroiled in an identical state of affairs over trans feedback in his Netflix particular. Sarandos stated his views on Chappelle additionally apply to Gervais.
“I believe it is crucial to the American tradition typically to have free expression,” stated the Netflix boss. “We’re programming for lots of numerous individuals who have totally different opinions and totally different tastes and totally different types, and but we’re not making the whole lot for everyone. We need one thing for everyone however the whole lot’s not going to be for everyone.”
“I at all times stated if we censor within the U.S., how are we going to defend our content material within the Middle East?”
Despite the layoffs at Netflix and fan website Tudum, canceled exhibits, experiences of customers reaching peak subscription, and extra long-term Netflix customers abandoning the platform, Sarandos stays optimistic concerning the future. “We’re 90 years behind all of our present rivals in what we do in the present day, and so they’re simply getting into into our area,” he stated. “We should have content material that individuals like higher on Netflix than anyplace else. I do know it looks like it ought to be extra difficult than that, but it surely virtually is not.”