Who are Netflix’s co-CEOs, Greg Peters and Ted Sarandos, as the platform sees a 5m customer growth?

Netflix has recently announced plans to increase its subscription prices, following a notable surge in new customers attributed to its crackdown on password sharing. Despite initial uncertainties about its ability to attract fresh subscribers, Netflix's subscriber count reached approximately 238.39 million by the second quarter of 2023, reflecting an increase of more than five million from the previous quarter. The company disclosed that its basic service would see a one-pound uptick to £7.99, while the ad-free option would undergo a two-pound increase to £17.99.

This decision comes in the wake of Netflix's concerns over its subscriber base, particularly amid challenges such as the writers' strikes causing delays in new releases. The platform experienced a setback in the first half of 2022, losing approximately one million subscribers, prompting a critical evaluation of its growth strategy.

Despite the price hike, Netflix remains optimistic about its future prospects, emphasizing its curated content mix of original hits and licensed fan favourites. Notable shows like ‘Suits’, featuring prominent figures like Meghan Markle, have played a pivotal role in retaining and attracting audiences, bolstering the company's confidence in its ability to sustain growth and deliver engaging content to its expanding viewer base.

It’s good news for co-CEOs, Greg Peters and Ted Sarandos, who took the risk of cracking down on password sharing and have seen it pay off dividends. But who are the co-CEOs of Netflix?

Who are Netflix’s co-CEOS, Greg Peters and Ted Sarandos?

Greg Peters

Greg Peters' journey in the technology and entertainment sector has been defined by a series of pivotal roles, including his previous positions as Chief Operating Officer and Chief Product Officer. His initiation into the industry began with his role as the International Development Officer at Netflix, where he played a critical role in forging global partnerships with various consumer electronics companies, Internet service providers, and multi-channel video programming distributors.

Before his tenure at Netflix, Greg's career gained momentum in 2008 when he joined the esteemed ranks of Macrovision Solutions Corp., later rebranded as Rovi Corporation, serving as the Senior Vice President of consumer electronics products. His diverse professional background encompasses contributions at Mediabolic Inc., a prominent digital entertainment software provider, as well as Red Hat Network, a renowned facilitator of Linux and Open Source technology. 

Additionally, his experience at the online vendor Wine.com added to his diverse expertise within the tech landscape. Greg's academic foundation was laid at Yale University, where he earned a B.S. degree in physics and astronomy, underscoring his commitment to academic excellence and his foundation in analytical thinking and problem-solving.

Alongside his professional achievements, Greg remains an active participant in the tech community, contributing to the industry's growth and development. Notably, he serves on the board of DoorDash, a leading technology company committed to fostering connections between consumers and local businesses.

Ted Sarandos

Ted Sarandos’ journey began in Phoenix, Arizona, where he was born to Ted Sarandos Sr., an electrician, and a housewife mother. As the fourth of five children, including three older sisters and a younger brother. During his teenage years, his profound understanding of film and television was cultivated while working at a local video store.

Sarandos' professional trajectory took flight when he assumed the role of Western Regional Director of Sales and Operations at East Texas Distributors, one of the largest video distributors in the United States, in 1988. His tenure at Video City/West Coast Video, as the Vice President of Product and Merchandising, marked a significant phase in his career, characterized by his instrumental role in negotiating revenue deals for the transition from VHS to DVD formats.

In 2000, Sarandos joined Netflix, where he currently serves as the co-chief executive officer and chief content officer, overseeing the company's pioneering efforts in original programming and entertainment. His instrumental role in introducing groundbreaking original programming, beginning with the critically acclaimed series ‘House of Cards,’ exemplified his forward-thinking approach and innovative vision for the company. 

Leveraging algorithms to predict viewer preferences and behaviour, Sarandos emphasizes a viewer-centric approach, prioritizing viewer satisfaction and engagement over traditional ratings and metrics; his tactic worked, earning the company 54 Primetime Emmy Awards nominations in 2016 alone.

What are the net worths of Greg Peters and Ted Sarandos?

Greg Peter’s estimated net worth is said to be at least  $82.7 million dollars as of 15 February 2022, according to Wallmine. Peters owns over 49,663 units of Netflix stock worth over $64,021,829 and in addition, he made $18,628,700 as Chief Operating Officer and Chief Product Officer at Netflix at the end of the 2021-2022 financial year

The estimated net worth of Ted Sarandos, according to Wallmine, is estimated to be at least  $56.2 million dollars as of 4 August 2023. Sarandos owns over 55,386 units of Netflix stock worth over $21,544,046.