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The Post-Reed Era of Netflix

A timely investigation into what the leading streamer is doing right and what it should probably fix as Hastings cedes control to co-C.E.O.s Greg Peters and Ted Sarandos.

Greg Peters, newly minted Netflix co-C.E.O. alongside Ted Sarandos.
Greg Peters, newly minted Netflix co-C.E.O. alongside Ted Sarandos. Photo: Stephen McCarthy /Web Summit via Getty Images
Julia Alexander
January 24, 2023

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The pseudo-retirement of Reed Hastings, who handed off his co-C.E.O. title to Greg Peters last week, confirms what was already obvious for much of the past two years: Netflix is evolving again. When Hastings took over from Marc Randolf in 1998, it was in large part because he didn’t believe Randolf could scale the company. Under Hastings, Netflix transitioned from a DVD rental outfit to a cutting-edge streaming company, vanquishing retailers like Blockbuster, bleeding the cable companies, and growing to rival Disney. Netflix became 4x Warner Bros. Discovery faster than HBO could become HBO Max.