and Ricky Gervais, which put him at the center of a culture war.
Netflix, once the darling of streaming and the envy of Hollywood, hit a major speed bump in April when it reported“Let’s start out with the bad news: Your stock price,” said tech journalist Kara Swisher, who interviewed Sarandos on Cannes Lions mainstage Thursday. “Flying high a year ago… things were going well. This was a moment where everyone said Netflix owned the world.”
The subscription decline has tanked Netflix’s stock nearly 50 percent since the announcement, causing Wall Street to question whether the streaming giant, which is known for hit shows like “Stranger Things,” “Bridgerton” and “Squid Game” has any more room to grow. Sarandos, 57, who was in Cannes to accept the Entertainment Person of the Year Award at the advertising festival, said he’s experienced similar hiccups in the past.
“There’s a time where the market disconnects from the core business. You have to prove to the market,” he said before calling out Hollywood, which has reveled in Netflix’s missteps.NurPhoto via Getty ImagesThe co-CEO of the world’s largest streaming service explained that the COVID-19 pandemic accelerated password sharing and there has been an increase in competition to the streaming space.
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