Netflix Names Ted Sarandos Co-CEO Amid Second Shutdown-Driven Subscriber Spike

By Brad Pareso 

Netflix has promoted longtime chief content officer Ted Sarandos to the co-CEO position, the company said Thursday after reporting a second straight quarter of higher-than-usual global subscriber gains driven by the ongoing Covid-19 pandemic. (Adweek)

Sarandos, who joined Netflix in 1999 and has been with the company for more than 20 years, has long served as chief content officer, a role that has involved overseeing Netflix’s massively successfully originals program starting with series like Orange Is The New Black and House Of Cards. Since then, he has transformed the company into one of the biggest power players in Hollywood. (The Verge)

Netflix added a strong 10 million subscribers in the second quarter of 2020, beating its own expectations. That’s the good news. The bad news, however, was that its forecast for subscriber growth in the next quarter was much softer than expected. (CNN Business)

The company forecast just 2.5 million new subscribers for the third quarter, about half as many as analysts were predicting. (WaPo / Bloomberg)

Netflix said it does not expect its 2020 slate of content to be significantly impacted by production shutdowns created by the pandemic. It expects that current production setbacks will push more of its big titles to the end of 2021, but that the “total number of originals for the full year will still be higher than 2020.” (CNBC)