Headline News Tech

Reed Hastings steps down as Netflix Co-CEO

Co-Chief Executive of Netflix, Reed Hastings has stepped down from his role in the firm he helped to establish more than 25 years ago.

His announcement came as Netflix unveiled a big rise in subscriber numbers at the end of last year.

With money tight, people were expected to cut back on streaming services.

But Netflix bucked that trend, adding more than seven million new subscribers, far more than analysts expected.

Harry and Meghan’s revelations were a big draw, as was new Addams Family spin-off series Wednesday, and the film Glass Onion.

The company said in a statement that “2022 was a tough year, with a bumpy start, but a brighter finish,”

According to BBC report, Mr Hastings’ long-planned move means he is leaving Netflix in a crowded market, with challenges ahead, but with 231 million viewers signed up around the globe.

Mr Hastings, who was an early pioneer in the streaming business and is seen as one of the original tech industry disruptors.

Writing by Chinasa Ossai, Editing by Julian Osamoto & Adeniyi Bakare