As a seasoned movie critic with over three decades of industry experience under my belt, I must say that Ted Sarandos‘ recent statements at the WSJ Tech Live conference were nothing short of enlightening. The man has an uncanny knack for making decisive moves and taking Netflix to new heights, all while keeping a cool head and avoiding the glitz and glamour that often clouds Hollywood.
Netflix co-CEO Ted Sarandos doesn’t have any interest in becoming the next chief exec of Disney.
During the WSJ Tech Live conference in Laguna Beach, California on Tuesday, Sarandos dismissed the idea of becoming Disney’s CEO when asked about it by Emma Tucker, editor-in-chief of the Wall Street Journal. Instead, he expressed his enthusiasm for the work he’s currently doing, stating, ” frankly, I find what we are doing incredibly exciting.
On Monday, it was revealed that Disney anticipates naming a new CEO, to take over from Bob Iger when his term ends at the start of 2026. The process is being overseen by James Gorman, the former CEO of Morgan Stanley, who will step into the position of Disney chairman in January 2025.
At the WSJ Tech Live gathering, Sarandos made it clear that he has no intention of venturing into politics, emphasizing that he will “never seek public office.
When asked about TV shows or films he wished Netflix had created or obtained, Sarandos replied there are several options, mentioning specifically “The Bear” on FX/Hulu and “Ted Lasso” on Apple TV+, both of which have earned significant awards. “I consume a lot of content,” he stated. On the flip side, according to Sarandos, Netflix snatched up the hit series “Nobody Wants This” from Erin Foster after every other major studio and network rejected it.
Netflix, unlike Disney, is unlikely to develop large-scale theme parks as suggested by Sarandos. However, he envisions a potential for Netflix to establish approximately 50 to 60 global retail locations, blending ticketed live experiences, shopping, and dining options. In 2025, Netflix intends to launch its initial two “Netflix Houses” in Dallas and King of Prussia, Pennsylvania (near Philadelphia). These locations will feature interactive activities related to Netflix’s popular franchises such as “Bridgerton,” “Stranger Things,” and “Squid Game.
As an ardent admirer, I’d express it this way: “From the get-go, Netflix’s initial House locations were primarily designed as a rich learning ground for us. Ted Sarandos, in his own words, doesn’t envision us creating a themed park, but he does see potential for around 50 to 60 such establishments scattered across the globe.
Currently, Netflix has no intentions of developing its own generative AI tools, according to Sarandos. Instead, he views AI as a tool for creators to produce content. He doesn’t foresee Netflix generating content solely using AI without human creative input. Whether or not a specific tool can lead to a better show or movie is still up for debate. Regarding the creation of a gen-AI platform, Sarandos stated it wouldn’t be a smart investment for Netflix. However, he acknowledges that AI will be beneficial in enhancing Netflix’s content recommendation systems, helping users discover more shows and movies to watch.
Ted Sarandos clarified that Netflix is not actively pursuing large-scale acquisitions. Instead, the company has primarily focused on building its own infrastructure to reach this stage. He emphasized that there’s still a significant amount of potential for growth within the main business.
Is Netflix considering acquiring broadcasting rights for entire sports seasons from various leagues, as it prepares to air a boxing match between Jake Paul and Mike Tyson in November 2023, along with two NFL games on Christmas Day 2024? This question was posed to Sarandos, to which he responded, “I wouldn’t rule anything out, but at the moment we’re focused on live events, some of which are sports.” He added that starting in the next year, Netflix will broadcast WWE’s “Monday Night Raw” live each week. Sarandos explained that there is a significant distinction between the financial aspects of special sports events (such as NFL games on Christmas) and full-season rights, stating that live sports distribution is a low-profit industry.
Speaking about Netflix’s advertising-supported option, Sarandos pointed out that currently, there are around 40 million users subscribed to this plan and that number is expanding rapidly. He further explained that the ad tier serves as a means to cater to a broader market of consumers who are interested in purchasing a Netflix subscription at a more affordable monthly rate, thus tapping into a larger potential customer base.
In the past week, Netflix surpassed Wall Street’s predictions for their third-quarter earnings of 2024, adding 5.1 million new subscribers worldwide to reach a total of 282.72 million at the end of that period. The streaming service forecasts a revenue of between $43 billion and $44 billion for 2025, which would signify an increase of 11%-13% compared to their projected 2024 revenue of $38.9 billion.
In response to comments about Q3 earnings, Sarandos stated that Netflix will continue with its traditional method of paying TV and film talent in advance, a practice he clarified was emphasized by Netflix’s Chief Content Officer Bela Bajaria during a gathering with top talent agents and lawyers. “Bela made it absolutely clear to the talent agencies a few weeks ago,” Sarandos said, “that our compensation structure will not be altered. Upfront payments, which Netflix originated, are advantageous for creators and ourselves.
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2024-10-22 22:47