Only a few years ago, the Netflix lobby was the coolest place on earth. If there is still a Hollywood, he is it.” They are now irrelevant to setting the play and rules of the day.
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“He has denuded the power of the old movie companies that had held for almost 100 years. “He’s had more singular influence on movies and television shows than anyone ever had,” Barry Diller told me. Sarandos, a community college night-school dropout, from a video store clerk in Arizona to the pinnacle of Hollywood, is legendary. (Its stock peaked above $700 a share in November 2021 and has now fallen below $200.) Sarandos’s personal woes, Netflix skidded from rapid growth to grind-it-out. Avant, renowned in Hollywood for her elegance, art collecting, philanthropy and community organizing in Watts, Calif., was the wife of Clarence Avant, a music mogul known as the “Black Godfather.” Soon after, his mother-in-law, Jacqueline Avant, with whom he was also very close, was shot to death when she encountered a burglar in the middle of the night at her Beverly Hills home. First, his father, with whom he was very close, died. You would never know he had been through a Job-level run of bad fortune in the last few months. Sarandos was charming and upbeat, dressed down in Levi’s and sneakers. It is certainly a wild plot twist worthy of Hollywood: The swaggering company that revolutionized the way Hollywood does business has stalled, with its stock down over 70 percent over six months. He conceded that during the pandemic, when Netflix was Icarus, “there were probably a lot of underlying things in the business” that they could have gone “much deeper” on and been “more curious about if we weren’t doing so well.” (The company added 10 million subscribers in the first three months of the pandemic alone.) He added, “We could have been much more questioning of the success and saying, ‘Are you sure?’” “How much time do you spend licking your wounds?” he said, adding: “Let’s have that burned into our memory, but we’ve got to move on and move fast.” But he feels that they spent too long “sunshining,” to use the Netflix argot for openly examining failures. Sarandos, who was then the chief content officer. “It was horrifying, disappointing and embarrassing,” recalled Mr. The move helped accelerate an already falling stock price, culminating in a 75 percent drop.
Sarandos - created a separate company, Qwikster, to handle the DVD business. He recalled the Netflix squall of 2011, when Reed Hastings - the founder who now shares the C.E.O. “They are not always going to be right, but how you help navigate the outcomes, and the urgency you bring to it, is what gets folks through the storm. “We make decisions based on the best information we have at the time,” the 57-year-old said. Sarandos is the skipper who has to swiftly steer the company out of danger, after the stunning news that Netflix lost 200,000 subscribers in the first quarter of this year - without spending too much time rehashing how they got there. In this metaphor, the streamer is the steamer, which, Conrad writes, is lurching and pitching and going sideways in the gale “as if taking a header into the void.” And Mr.
Sarandos saw the complexity of leadership it takes to get through the storm, as the captain summons all his willpower to dominate a superior force. The first time, he considered the captain who steered straight into the eye of a typhoon in the Pacific Ocean “a terrible leader” who “made a mistake and got people into a very bad situation.” But reading it a couple of decades later, Mr.
Sarandos how it felt when Netflix lost $54 billion in the blink of an eye on a single bad stock-market day in April, he talked about reading Joseph Conrad’s novella “Typhoon,” once as a younger man and again recently. Whatever the reason, the Netflix co-C.E.O. Or the fact that Ted Sarandos proposed to his wife, Nicole, on a “touristy booze cruise” under Fourth of July fireworks right in front of where we were sitting on the Georgetown waterfront in Washington. Maybe it was the tower of seafood sitting before us.
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