Greg Peters News

Netflix has once again raised the cost of all of its membership plans, raising the price of its ad-supported basic plan to $7.99 a month from $6.99.

Subscribe to enjoy similar stories.On Thursday afternoon, Netflix announced that co-founder and chairman of the board Reed Hastings would be stepping down when his term expires later this year “in order to focus on his philanthropy and other pursuits,” according to a letter to shareholders.Hastings founded Netflix in 1997 with Marc Randolph, and took the reins in 1999 when the company was still a DVD-by-mail service. In 2020 he elevated creative executive Ted Sarandos to the co-CEO position, reflecting how important original content had become for Netflix, by then the leading subscription streaming service.

Subscribe to enjoy similar stories. As Netflix cements its role as an entertainment behemoth, including with a recent bid for Warner Bros. Discovery, it is simultaneously tackling the last bastion where traditional TV has an edge over streamers: sports and live events.

Netflix NFLX.O blew past Wall Street expectations on new customers for the second straight quarter on Thursday but signaled the positive surprises could be over, forecasting revenue growth slightly below analyst targets.

Netflix said that they are well on their path to growth and may soon consider increasing the prices of their plans. The company was holding the price rise to check the impact of its password sharing crackdown, but after the Q4 results, the subscription rates are expected to go up. "We largely put price increases on hold as we rolled out paid sharing.

Netflix is reportedly planning to generate revenue from its gaming business by adding in-app purchases and advertisements. The company has had discussions in recent months about how to generate revenue from its games, reports The Wall Street Journal, citing people familiar with the discussions. For two years, Netflix subscribers have been able to download tons of mobile games, all free with their subscription. The company offers more than 75 mobile games, like Grand Theft Auto, Love Is Blind, Monument Valley and Oxenfree. According to the report, Netflix is planning to put a price tag on premium gaming titles and placing ads on games. Netflix was yet to comment on the report. The company last year said it was not worried about ads and in-game payments. «We want to have a differentiated gaming experience and part of that is giving game creators the ability to think about building games purely from the perspective of player enjoyment and not having to worry about other forms of monetization, whether it be ads or in-game payment,» Netflix co-CEO Greg Peters had said during the earnings call. In August, Netflix rolled out its games across devices — TVs, computers, and mobile — and announced the first public tests of its cloud-streamed games.

The U.S. economy may be growing much faster than pessimists had predicted, but business is still brisk for bankruptcy lawyers. “Things have really accelerated,” says Thomas Lauria, global head of restructuring at White & Case. His team is on track for record-breaking revenues this year.

New Delhi: Streaming platform Netflix has finally decided to introduce curbs on password sharing in India, a move aimed at building scale as well as ringing in revenue growth, said media experts. However, this could result in significant decline in subscriber numbers, they added. On Thursday, the company said it would start sending out emails to subscribers sharing the service with people outside the household in India.

Netflix tumbled 6% on Thursday after lackluster revenue growth sparked concerns it could take longer for the video-streaming pioneer's new money-making ventures to drive growth. The company added nearly 6 million subscribers in the second quarter — almost triple of what Wall Street expected — thanks to a crackdown on password-sharing and the introduction of a cheaper subscription tier that comes with advertising. However, quarterly revenue growth and forecast lagged estimates and co-Chief Executive Officer Greg Peters it would take «several quarters» to see returns from those efforts.

Ethereum's native token, Ether (ETH), gained alongside riskier assets as investors assessed weak U.S. economic data and its potential to cool down rate hike fears.