Netflix on Thursday elevated its content chief Ted Sarandos to co-CEO, making the 20-year veteran of the pioneering streaming video service a clear successor to co-founder Reed Hastings.
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Whatever Netflix’s second quarter results show, it’s clear that the Covid-19 crisis is fortifying the company’s lead in streaming TV entertainment.
Netflix posted the strongest financial results in company history Tuesday, adding a record 15.8 million paid subscribers — almost double the figure forecast by Wall Street analysts.
Netflix will temporarily reduce the quality of videos on its platform to ease pressure on Internet service providers during the coronavirus outbreak.
Netflix delivered enough good news on Wednesday to allay concerns about looming competition from Walt Disney and Apple.
That growing apprehension marks a stark turnaround for a company that has seemed invincible for years.
Netflix shocked investors by reporting a drop in US customers and much slower growth internationally, raising fears that the streaming giant is losing momentum just as competitors prepare to pounce.