- Netflix embraces ads and original content after previous rejections
- Co-CEO Sarandos emphasizes flexibility in business strategy
- Pivots lead to significant growth in subscribers and content offerings
Embracing Change
Netflix co-CEO Ted Sarandos addressed the company’s dramatic shifts in strategy at the 2024 Fast Company Innovation Festival.
Once firmly against ads and original content, Netflix has since embraced both, demonstrating a willingness to adapt to changing market conditions.
The Power of “Never”
Sarandos explained that using “never” helps teams focus on current objectives. However, he emphasized that Netflix “should always reserve the right to get smart” as conditions change.
This flexibility has allowed Netflix to capitalize on new opportunities in advertising and content creation.
Success Through Adaptation
The company’s pivot to an ad-supported tier has proven successful, with over 40 million global monthly active users.
Similarly, Netflix’s venture into original programming, starting with “House of Cards” in 2013, has led to critical acclaim and a dominant position in streaming original series.
