In 2023, Netflix remains the biggest titan among the streaming giants. Last year was a bit turbulent, with a notable drop in membership last spring, but the success of hits like Strange things Season 4 during the summer and Wednesday in the last quarter they helped fuel a recovery. As a result, the company’s top executives will be paid quite well over the next twelve months, as a company report revealed eight-figure earnings.
Variety has details of the deals Netflix co-CEOs Ted Sarandos and Reed Hastings have landed for next year, and the two wealthy men are in a good position to make a lot of money. In Sarandos’ case, the executive’s base salary will be cut by $17 million, from $20 million to $3 million, but he will be able to recoup that $17 million as a performance bonus. Additionally, he’ll receive $20 million in stock options, meaning he could expect a potential $40 million payout for his work in 2023.
In addition to being co-CEO, Ted Sarandos is also the streaming service’s chief content officer.
Reed Hastings, who is co-CEO and chairman of Netflix, will receive a base salary of $650,000 and earn $34 million in stock options.
The settlements stem from a new commercially acquired SEC filing that says a $3 million salary cap has been put in place for co-CEOs, while a performance-based cash bonus program has been put in place for the first time. from the 2018 calendar year.
The company had an interesting year not only in Roller Coaster subscriber numbers in the first half of 2022, but also in launching a new Netflix membership tier this fall, specifically one that allows users to opt-out of advertising in exchange for a reduced monthly cost. Netflix’s “Basic with Ads” plan costs $6.99 per month, while the other options offered range from $9.99 (offering 720p quality streaming content) to $19.99 (offering compatible 4K subscribers to watch movies and shows in UHD and HDR).
It’s one of the many changes we’ve seen coming to Netflix. It was announced last November that the streaming service had partnered with Chris Rock for a live special, the first of its kind on the platform. No official date has been set for the event.
Between Netflix (opens in a new tab), Amazon Prime Video, Disney+, Apple TV+, HBO Max, Peacock and Paramount+, the streaming world is pretty wild right now and we’ll have to see what kind of innovation the competition inspires. One thing is certain: Ted Sarandos and Reed Hastings are being paid dearly to try and keep their company on top of the heap.
Source: Cinemablend
