Netflix boss hit with tough questions about company’s future at Cannes Lions

6/24/2022 8:01:00 AM

Netflix boss hit with tough questions about company's future at Cannes Lions

Cannes Lions, Netflix

Netflix boss hit with tough questions about company's future at Cannes Lions

Netflix lost nearly 200,000 subscribers in the first quarter of 2022, causing its stock prices to tank by nearly 50 percent.

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 reportedlosing nearly 200,000 subscribersin the first quarter of 2022. “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.”

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Netflix, once the darling of streaming and the envy of Hollywood, hit a major speed bump in April when it reported losing nearly 200,000 subscribers in the first quarter of 2022.  “Let’s start out with the bad news: Your stock price,” said tech journalist Kara Swisher, who interviewed Sarandos on Cannes Lions mainstage Thursday. The protest follows another by former ad exec Gustav Martner, who had his pass revoked on Monday night after pulling an anti-fossil fuel stunt for Greenpeace. “Flying high a year ago… things were going well.  Dua Lipa heated up the stage when she performed at Cannes Lions in a neon green number. This was a moment where everyone said Netflix owned the world.’ Campaigners also stormed the beachfront area of ad giant WPP’s stand on kayaks, according to ad trade The Drum.” 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. The company kicked off the week with an intimate gathering at Le Speakeasy — a newly opened late-night spot — on Monday.

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. Cannes Lions ends tomorrow (June 24).  The venue was so packed invited guests had to be turned away.   “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. Netflix lost nearly 200,000 subscribers in early 2022, causing its stock prices to plummet. The show — which featured “New Rules,” “One Kiss,” “Don’t Start Now” and more of the Grammy winner’s hits — was a coveted ticket for Cannes Lions attendees. NurPhoto via Getty Images “They viewed us as a spoiler; they’re happy to see the spoiler trip,” he added.de.

The 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. As a result, his company is going to ., invited guests were turned away as the venue had reached capacity.