Netflix‘s CEO Reid Hastings Stepped Down And The Company Shifts Towards Ads

Netflix has a new co-CEO, Greg Peters, who is taking over from former CEO Reed Hastings. This change comes at a time when Netflix is starting to roll out advertisements and crack down on password sharing, two things that Hastings previously opposed. The company is evolving as it grows its subscriber base and ventures into gaming, trying to find ways to both retain and monetize its existing customers. Netflix emphasizes its profitability compared to competitors who are spending heavily to catch up. In recent years, Netflix has become more selective about which shows to extend or cancel, leading to unexpected cancellations and dissatisfaction among viewers. The streaming platform has come a long way from its early days of offering lesser-known shows and movies, to now having an extensive library with difficulty finding content. The once-famous Netflix algorithm has also faced criticism for not catering to users' preferences. Overall, as Hastings steps down and the company makes strategic shifts, Netflix faces challenges as it aims to maintain its dominance in the streaming market.