Within a few weeks, Ted Sarandos will step onto the acting stage for the first time, portraying himself, in an episode of Apple TV+’s series “The Studio.” This is Seth Rogen’s satirical take on “Entourage,” reminiscent of “Curb Your Enthusiasm.” Given Sarandos’ well-known persona as a determined executive who abhors defeat, his appearance on a rival streaming platform provides quite the chuckle. In a key scene, Sarandos attends the Golden Globes, where he encounters Rogen’s inexperienced studio head, struggling under various pressures – one of which is keeping pace with Netflix.
Sarandos quickly agreed,” he reminisces, a stark contrast to the cold, arrogant character he plays on screen. In reality, Sarandos is friendly and unperturbed today. He brightens up when discussing Hollywood, speaking with enthusiasm that sounds more like a fan than a high-ranking executive. “Seth forwarded it to me, and I found it highly amusing. I kept questioning him, ‘Is this an exaggerated version of myself?’
As an avid movie enthusiast, I found myself scrambling to stay on par with the seasoned actors. “I was acutely aware of not flubbing my lines,” Sarandos admits, “I simply didn’t want to hold up the production or incur any unnecessary costs.
In a surprising turn, the man famously known by just one syllable in Hollywood, “Ted,” isn’t renowned for his frugality. For over two decades, Sarandos has been instrumental in transforming Netflix from a DVD-rental service into a colossal streaming platform. Interestingly, Sarandos himself has undergone a significant change. From being a bold gatecrasher in an industry ruled by established decision-makers for decades, he now stands as the very pillar of the industry. He’s the man behind hit series like “Stranger Things” and “Squid Game,” persuaded Adam Sandler to join the streaming revolution, and metamorphosed Shondaland from a TV legend into a binge-worthy powerhouse.
This afternoon, we find ourselves with Sarandos, a 60-year-old individual, in an unanticipated setting – a cinema. Despite the fact that streaming services like Netflix have made it easy for people to watch movies from their sofas at home, thereby potentially diminishing the traditional moviegoing experience, Sarandos remains a cinema enthusiast. Intriguingly, he orchestrated the acquisition of the iconic Egyptian Theatre in Hollywood by Netflix and has since refurbished this esteemed movie palace where Netflix screenings are held for awards voters on the grand screen.
Ted Sarandos finds himself comfortably seated in the green room of a theater, surrounded by luxurious armchairs and an array of mouthwatering snacks that would make any traditional cinema proprietor envious. For the subsequent 90 minutes, no subject is taboo. He’s ready to discuss everything from striking a deal with the Obamas, encounters with Donald Trump, and his puzzlement over Apple’s content strategy. He also expresses fond memories and joy as he reflects on his 25-year journey with Netflix. In the initial stages of his career there, the former head of content was charged with managing an extensive stockpile of DVDs featuring blockbuster movies that could then be dispatched to customers in Netflix’s iconic red envelopes. It took him several years just to secure a personal office.
The service has soared to an impressive 300 million worldwide subscribers and is projected to invest a staggering $18 billion in content this year. Critics argue that Sarandos has demolished the industry, transforming viewers into binge-watching automatons who consume identical content on their tablets and smartphones. They claim he’s bulldozed Hollywood in his pursuit of worldwide supremacy. The lack of a best picture Oscar win for Netflix, despite multiple attempts, indicates that the animosity towards them remains entrenched within the Academy.
However, just like any internet creation, Sarandos enjoys the buzz. His true challenges, though, have been with shareholders. Throughout his tenure, Netflix has faced two potentially catastrophic stock plunges as a publicly traded company. The first occurred in 2011, when the decision was made to separate the DVD rental service and the streaming platform into distinct offerings, requiring customers to pay for subscriptions to both. This move turned out to be a significant misstep; Netflix’s stock value dropped by half within two months, only rebounding after the company issued an apology and rescinded the decision. The second incident took place in April 2022, when Wall Street became alarmed at analyst predictions of slow subscriber growth due to Disney, HBO, and NBCUniversal pouring substantial investments into streaming. In a single day, Netflix lost a staggering $54 billion in market capitalization. This dramatic fall had far-reaching effects across Hollywood, necessitating Netflix’s film and TV executives to embark on a series of meetings in the subsequent weeks to reassure the creative community that they still had adequate funds for their projects.
Regardless of the challenges, Sarandos has consistently maintained a calm and positive demeanor, viewing the construction of the most talked-about streaming library as a long-term victory. His vision has significantly transformed the way people consume content worldwide, earning him the title of the ultimate content monarch – a transformation that started from behind a video store counter.
How has it felt to be at Netflix for 25 years?
Like a freight train. No two years are alike.
Was there ever a time you thought you might leave Netflix?
No.
What are you excited about this year?
Check this out! Our most popular series are back, including the final season of “Stranger Things,” highly anticipated third season of “Squid Game,” and the return of “Wednesday.” These shows might just be the biggest hits in Netflix or even television history. To top it off, we have an impressive lineup of films coming up, such as projects from Guillermo del Toro, Noah Baumbach, and a new installment of “Knives Out.” It’s simply an amazing abundance of quality entertainment!
How would you describe the “Stranger Things” final season?
There won’t be a dry eye.
Do you think it continues on beyond that?
It seems that “Stranger Things” has expanded into a vast world – you can witness this through the character’s book adaptations, an array of consumer goods, and even a live stage show titled “Stranger Things: The First Shadow.” This production is currently doing exceptionally well in London’s West End and is set to debut on Broadway.
In 2013, Netflix significantly ventured into the production of original content with “House of Cards.” However, it wasn’t until a decade later, in 2023, that your company began producing original films that had substantial impact, such as “Beasts of No Nation.” Given this rapid shift, are you taken aback by how swiftly the movie industry has adapted to streaming services since then?
Reflecting on the past, it’s evident that we pioneered advancements in distribution. Certain aspects from our beginnings are seldom discussed, while others have developed independent identities.
Such as?
The Marvel deal we struck in 2013 was undeniably the most monumental agreement in television history, surpassing the acclaimed “House of Cards.” This deal was unprecedented, and it’s safe to say that no future negotiations will surpass its magnitude. We pledged to produce five full seasons of TV without any pilot episodes, each season consisting of 13 costly installments centered around a single character. To top it off, we planned for a crossover season. Looking back on this deal, we’ve gained invaluable insights into the entertainment industry.
The agreement encompassed “Daredevil,” “Jessica Jones,” and “Luke Cage.” How would you assess the success of the television series that Marvel is creating for Disney+?
I think they are. I mean, I don’t know because they don’t release any numbers.
On our series, we found ourselves working under the traditional Marvel TV structure at Disney, which functioned autonomously. They were mindful of their budgets and any time we wished to elevate or enhance the shows, we had to persuade them persistently. Our goals didn’t always overlap. We aimed for outstanding television, while they focused on profitability. I believed that quality programming could generate revenue as well.
What did you learn from that experience?
In my experience, it’s crucial to collaborate with individuals whose goals synergize with mine. When someone is creating for me, their aim is often to minimize costs. However, my goal is to maximize quality at every turn. This is a lesson that I’ve carried with me throughout my career. Working with Marvel, I noticed this dynamic particularly acutely. They were keen on saving money, so any suggestion to enhance the production was met with resistance, as if we were engaged in a friendly debate over the show’s best direction.
Could you describe your experience of leading the company when Netflix experienced an unprecedented stock drop in April 2022, losing a staggering $54 billion in market value within a single day, due to disappointing subscriber growth predictions? Although the company recovered significantly over the next three years, I’m interested in understanding what that fateful day was like for you.
On the third occasion, it transpired. We faced this situation twice as a publicly traded entity and once more prior to the rental-by-mail phase, when we were on the brink of financial ruin. In order to meet our rental obligations, I was compelled to devise a strategy for swiftly selling a large number of DVDs.
How did you do it?
In the realm of cinema critique, I must confess that until recently, none of our pre-owned stock had ever been offloaded. However, in a bid to streamline operations, we sought out a broker who was willing to acquire our outdated inventory en masse. This transaction, more so than the year 2022, instilled a sense of urgency and introspection within us. It compelled us to confront the essential questions: “Is our business model robust? Have the foundations of our enterprise remained unchanged?” Gratefully, we found that these pillars stood firm. With renewed confidence, we collectively inhaled deeply and forged ahead, ready to face whatever lay beyond the silver screen.
Within our company, there was an insignificant occurrence, yet we’re mindful of shareholders’ expectations. My primary worry was for investors who experienced a significant loss in value, and it seemed to me that this sparked everyone’s enthusiasm to recover and to disprove the Street’s assumptions, to protect those who trust us. After the drop, we convened a leadership meeting in Mexico City with all our vice presidents. We repeatedly discussed “the four essentials” – content, decision-making, communication, and commerce, which are crucial for the business. Towards the end of the presentation, I added, “I’d like to propose an additional essential, and that is ‘recovery.’
During the initial phase of the pandemic, when your partners such as Disney began offering their own streaming services and therefore competing with you, did you worry that they might quickly match or surpass your offerings?
I was significantly more confident that our performance would outshine theirs due to our edge in personalization. Our unique selling point is the substantial resources we’ve dedicated to tailoring experiences. We are not confined to a single genre. If you’re into documentaries, consider us as your go-to platform. If drama is your preferred genre, look no further. As long as we can maintain this versatility, our success is assured.
Let’s discuss a few other broadcasters. When we had you on our magazine’s front page in 2017, you mentioned that you found Amazon’s approach to creating original content puzzling.
To put it simply, I’m merely an onlooker here. It’s evident that sports have proven quite impactful. However, whether this is the full extent of their game plan, I can’t say for certain.
Do you see them competing with Netflix when it comes to movies or TV production?
As for their future strategies, I’m not privy to the details. They’ve been in the game for just as long as us, both in terms of streaming and creating unique content.
What about Apple?
It seems like a mere marketing tactic to me, yet I can’t deny their intelligence. Perhaps they have insights that we’ve overlooked.
As a longtime fan of HBO, I found it quite intriguing when they decided to ditch “HBO” from “HBO Max” and opt for simply “Max” as the name for their streaming platform.
It came as a shock! We used to keep an eye on what HBO was up to, and at some point, they had HBO, HBO Go, HBO Now, and HBO Max. I remember thinking, “When they’re really serious, all those names will disappear, and it’ll just be HBO.” I never thought HBO would disappear. Instead, they consolidated their efforts into one platform, making it simple for consumers – it should now simply be known as HBO.
Haven’t Netflix bagged the Best Picture Oscar yet from the recent ceremony? Aren’t you a bit let down by that?
It’s challenging to imply a bias towards Netflix when our studio has been consistently recognized as the most-nominated over the past three years at the awards. The Academy seems to reward films that are respected and admired, and the best picture winner is often a reflection of the audience’s favorite movie. To win, we need to create a film that resonates deeply with people.
However, despite the controversy surrounding Karla Sofía Gascón’s tweets, your film “Emilia Pérez” was widely appreciated by many and received a total of 13 nominations. Do you believe that it would have won the Best Picture award if it hadn’t been embroiled in this scandal?
I dislike that query since it spawns numerous hypotheticals. Although “Emilia Pérez” was the leading contender, it wasn’t guaranteed to win Best Picture. Despite its groundbreaking ideas and excitement, there was always uncertainty as to whether it would take home the prize. It was an exceptional film, an impressive campaign, and I’m disappointed that we were left with so many “what-ifs”.
Will Netflix vet talent and social media in a different way now?
We primarily scrutinize headlines. Has anyone’s social media activity generated headlines previously? To clarify, I don’t use Twitter, so I won’t be checking someone else’s account on it.
Would you work with Karla again?
Yeah. You have to have some grace when people make mistakes, and we have grace.
In the past, there was a dispute concerning Dave Chappelle’s stand-up comedy, as it was perceived as offensive to the transgender community and some of our employees. Initially, we defended him, but later on, we expressed regret for stating that content doesn’t result in real-world harm. Many CEOs might not have apologized in such a situation. What prompted you to do so?
The action seemed unrefined and was questionable. Let me explain, rarely do our values face such challenges. For instance, the importance of free speech and providing a secure environment for comedians – sometimes these ideals clash. We all share common tears, but what brings laughter varies greatly. Suppressing a comedian didn’t sit well with us. Comedy holds significant value as an artistic expression, and it thrives in an almost unconstrained space.
In 2014, Netflix entered into an agreement with Adam Sandler, marking a significant step in their strategy for original films. He was one of the initial big-name film actors to bypass traditional cinema releases and instead star in movies exclusively available on Netflix.
I’m a huge fan of Adam Sandler, and it’s often said that the comedian you watched on “SNL” growing up becomes your favorite. I’ve always admired his films, even though his movie “Pixels” didn’t do well in the U.S., it was hugely successful internationally. As I was searching for our next project, I requested a meeting with him. He seemed open to the idea, and I promised we would produce the movies he desired and ensure they reached the appropriate audience. We both approached the deal thoughtfully. After his film “The Ridiculous 6” was released, he mentioned he was planning a vacation in Europe. I assumed he’d be swarmed everywhere due to his fame, but he said, “I’m not well-known in Europe; they don’t recognize me.” However, following the success of his Netflix movies, he’s now mobbed everywhere around the world.
Netflix consistently invests in high-profile creator agreements, but some question whether such investments are wise given the current economic climate. For instance, the Obamas: Will you be extending your partnership with them?
I prefer not to discuss specific renewals. Generally, the ones we’ve had are tailored to suit the expected outcomes, which is why I refer to them as “big-picture” agreements. We outline our future collaborations for the next five years and structure them into an agreement.
What about Amblin and Steven Spielberg, who has been a critic of streaming?
Upcoming is the adaptation of “Thursday Murder Club,” which looks fantastic. In addition, Amblin produced “Carry-On.” What made it special for Steven was his comment: “Experiencing ‘Carry-On’ was similar to when I have a successful theater performance. I could feel the excitement and buzz around it, and that’s exactly what a hit movie feels like!
There was a development concerning Ryan Murphy. It came as a shock to some when he chose to depart from Netflix and move on to Disney, following the expiration of his contract in 2023.
He put on spectacular performances alongside us. In essence, he had an immense dedication towards the 20th Century and his previous agreements that often hindered us from truly maximizing its potential. Ultimately, Ryan Murphy was not confined by anyone. I’m extremely satisfied with “The Watcher,” and the “Monster” series has been extraordinary. Recently, I paid a visit to them while they were filming the Ed Gein series, and the acting is mind-blowing. This is precisely the kind of work Ryan excels at. There was never any hostility or lingering resentment, and I look forward to collaborating with him again in the future.
In your recent endeavors, you’ve introduced Meghan Markle‘s lifestyle series titled “With Love, Meghan” and have a share in her business, As Ever. This venture involves the creation and distribution of tangible goods such as edible flowers and baking mixes. I’m curious to know if there’s any potential interest from Netflix in e-commerce?
We’re a passive partner in Meghan’s company, and it’s a big discovery model for us right now.
Why was she the right person to bet on?
It seems to me that Meghan is often undervalued when it comes to her impact on culture. For instance, when we released the trailer for “Harry & Meghan” docuseries in 2022, the media scrutinized every detail for days on end. The shoes she wore were sold out globally, and the Hermès blanket behind her also quickly became unavailable worldwide due to popular demand. It’s clear that there is a significant interest in Meghan Markle. Despite this, she and Harry are frequently written off as more influential than they truly are.
Is this something Netflix is serious about beyond a marketing play?
From a marketing and branding perspective, this is all about fostering fandom. Unlike Disneyland, which we might not have, our interactions with consumers are more frequent and ongoing. I’m drawn to the Topgolf model, where people return frequently throughout the year, rather than the traditional theme park model. Our goal is to be woven into the lives of our fans, not just a destination they visit every couple of years. And let me clarify, this isn’t about undermining Disneyland in any way.
Why did Netflix opt to have Greta Gerwig’s “The Chronicles of Narnia” production released exclusively on Imax screens in November 2026?
Before she constructed a world for “Barbie,” we assigned the task of creating a world within “Narnia” to Greta. Her script was exceptional, and we enjoy a strong working connection with her.
So this wasn’t something she demanded?
As a devoted film enthusiast, I wasn’t just eager to save it; I yearned to contribute to its success and innovate in a unique way. The idea that hadn’t been fully explored yet was a grand IMAX release. Watching a movie on IMAX is an entirely different experience compared to watching at home. Even though going to the theater feels increasingly similar to home viewing, IMAX offers something uniquely distinct. The two-week run for “Narnia” fits all the criteria required for award qualifications and adds a touch of excitement, creating a special event. We’re more than willing to take on this challenge.
Do you think you could ever convince Christopher Nolan to make a movie for Netflix?
I frequently converse with Chris, and our bond is quite strong. I hold his ambition to create theater movies in high regard, as well as his disinterest in producing movies for streaming platforms directly. I also eagerly anticipate watching the films he creates.
Netflix is pursuing various avenues for expansion beyond its traditional services. A major focus has been on the development of gaming, while also emphasizing live events significantly.
I’ve consistently advocated for our company to maintain a presence in both Hollywood and Silicon Valley. My vision is to continue expanding our event production, focusing on unique, self-contained experiences rather than entire seasons of events. When we invest in live sports, it’s not about acquiring an entire NFL season for me; I’m interested in the grand finale, such as the Super Bowl. Our Christmas Day game aims to emulate that kind of special event.
Do you think Netflix could have the Super Bowl one day?
In my opinion, navigating their financial structure is quite challenging, given the substantial income they draw from networks. However, when it comes to the sensational event like the Jake Paul vs Mike Tyson fight, it garnered an audience as vast as a Super Bowl. Technically, we have the capabilities to accommodate such a massive viewership.
Would it be possible for you to secure Taylor Swift’s appearance at a Christmas Day football match ahead of her Super Bowl performance?
That’s a good challenge! We did get her in the stadium this year.
Will the live-content spend grow exponentially?
I’m not an expert on everything, but I can certainly explain what we currently have and what we plan to add. We already broadcast WWE live every week, football on Christmas Day, and the SAG Awards annually. Additionally, we will incorporate a few more events each year. These events will make up only a small portion of our total viewing, considering the budget, but they should all be impactful beyond their size or cost.
Were the SAG Awards a good investment, and will you continue to air it?
Yeah, our second show saw a big uptick from year one to year two. We’re excited about it.
You visited Mar-a-Lago in December. Is the president a Netflix subscriber?
I don’t know. He did tell me that Melania and Barron were fans.
What was that meeting like?
It was a private dinner.
Would you ever want to work with him creatively?
I don’t know what he does creatively. He’s got his hands full.
When you first joined Netflix at our headquarters in Los Gatos, California, it was during the earliest stages of the company. Can you recall approximately when you came to appreciate your affection for working with us at Netflix?
During my initial six months here, things felt quite confusing. I was the lone non-technical individual, surrounded by engineers who seemed to be consistently displeased with me due to my talkative phone manner. Despite this, I was responsible for securing our early business deals directly with studios. My day often consisted of ten hours on the phone.
Do you remember a movie that had an insane amount of demand for mail-in rentals?
“Jurassic Park.”
Do you still own any DVDs?
The item is liquid. Previously, I had countless numbers of it. Currently, I have approximately 300 units stored within a cabinet. The one film that I constantly struggle to locate on streaming platforms and keep inside my DVD player, is Robert Altman’s “Short Cuts.” Occasionally, I’ll watch around 20 minutes of it.
Grooming: Harper/Exclusive Artists Management
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2025-03-19 18:22