Hastings Says He Learned of Netflix Layoffs From News
Netflix's co-founder told the On with Kara Swisher podcast he was not briefed in advance on the cuts and wants the service to be "thrilling" again.
Reed Hastings, Netflix's co-founder and former CEO, said he learned about the company's layoffs of 1,000 workers from news reports rather than from inside the company, and was not informed of the cutbacks in advance. He made the comments on the On with Kara Swisher podcast, as reported by Deadline.
The cuts, which affected about 6% of Netflix's staff, came alongside a change at the top of the content operation: Peter Rice replaced Bela Bajaria as content chief, and film head Dan Lin was removed from his post.
Hastings said Netflix's strategy should rest on more and better television shows and more and better movies, and argued that the essence of an entertainment brand is to be thrilling and never boring.
He pointed to YouTube as a competitive pressure, saying the platform has 3 million paid creators competing for attention and is winning viewing hours. He also said Netflix chose not to raise its bid for Warner Bros. Discovery's studios-and-streaming division as the price rose.
Asked about succession at the top, Hastings said he does not expect Netflix's co-CEO structure to remain common over the next 100 years. He ended his three-decade association with the company in June.
Quick answers
What did Reed Hastings say about the Netflix layoffs?
He said on the On with Kara Swisher podcast that he learned about the 1,000 job cuts, about 6% of staff, from news reports and did not know about them in advance.
Who replaced Bela Bajaria at Netflix?
Peter Rice replaced Bela Bajaria as content chief, and film head Dan Lin was removed, according to Deadline.