Ted Sarandos, a Netflix manager, addressed a host of questions about his company''s stock price demise, how he plans to stop bleeding and his motivation for defending the controversial comedy episodes of Dave Chappelle and Ricky Gervais, which he drew the attention of a culture dispute.
Netflix, which was once the shady of streaming and the envy of Hollywood, landed a major speed bump in April, when it reported losing nearly 200,000 subscribers in the first quarter of 2022.
Let''s start off with the bad news: Your stock price, according to Kara Swisher, who interviewed Sarandos on the Cannes Lions mainstage Thursday. Despite going high a year ago, things continued to perform well. This was a moment in which everybody said Netflix was in charge of the world.
Netflix''s stock has dropped by about half since the announcement, putting Wall Street at jeopardy. Like Stranger Things, Bridgerton and Squid Game have more room to grow.
Sarandos, 57, who attended Cannes to receive the Entertainment Person of the Year Award, described his experiences as similar.
There''s a time when the market is disconnected from the core business. Before calling out Hollywood, he said, you must show the market.
They saw us as a spoiler; he said, they''re pleased to see the spoiler trip.
The world''s largest streaming service''s co-CEO explained that the COVID-19 epidemic greatly improved password sharing, and there has been a surge in competition to the streaming space.
It''s possible that his company will focus on users who divide their accounts and add a lower-cost advertising platform, which will likely attract more customers who don''t want to spend $16 per month.
Swisher asked who Netflix will be partnering with for its advertising platform as part of its reports, which suggests that it might work with NBCUniversal or Google. He denied the claim, saying that the company is in discussions with all of the most popular advertisers.
Swisher soon became involved in a more frantic topic, namely the recent controversies in which Sarandos has defended Chappelle, 48, and Gervais, 60, who have put forth humour in the transgender world.
Both specials, particularly Chappelles, have sparked outrage among Netflix employees and trans activists, who organized a walkout and rally last year as a result of protest and demands to take the special down. Sarandos held his ground but apologized to his employees.
The reason why comedy is so difficult is that we don''t laugh at the same thing. Sarandos said, defending his decision, says that we all almost cry at the same thing. Sometimes, you discover the line.
A recent Netflix movie about Gervais sparked the anger, but Netflix, which is on the verge of conceding staffers, has doubled down on its support of the wildly popular comedians.
In May, the streaming service sent a notice to employees, stating that if they find it difficult to support our content breadth, Netflix might not be the best place for you.
Although Sarandos said he was more empathetic to employee complaints, he admitted that the decision was beneficial to the international audience, which is varied in terms of taste and conviction.
Everyone will not like the whole thing. We wont make everyone happy.