London, England – Netflix co-CEO Greg Peters emphasized the importance of engagement in the streaming industry, stating that success is more of an art than a science. With the global streamer serving over 500 million viewers worldwide, Peters highlighted the need for variety and quality to satisfy diverse audience tastes.
Speaking at Deloitte’s Media & Telecoms 2024 and Beyond Conference, Peters noted that content decisions are driven by storytelling rather than algorithms or data. He expressed the company’s goal of finding the next big hit by fostering a diverse range of executives to develop a broad slate of content.
Peters underscored Netflix’s unique position in promotional efforts, with trailers reaching over 6 billion impressions per month, surpassing YouTube. The executive also discussed the expansion into gaming, sports, and live offerings, highlighting Netflix’s commitment to adapt and evolve in response to changing consumer preferences.
The streaming giant’s recent earnings report showed strong subscriber growth, with 9.3 million additions in the first quarter of 2024, bringing the total global subscriber count to 269.6 million. Netflix announced plans to discontinue reporting subscriber numbers and average revenue per member starting in 2025.
Analysts have praised Netflix for its financial strength and competitive position, pointing to the company’s successful foray into advertising-supported tiers and efforts to combat password sharing. Evercore ISI analyst Mark Mahaney reiterated confidence in Netflix’s performance, citing the company’s robust financial and competitive standing.
At the Deloitte conference, industry leaders such as Jan Koeppen from Walt Disney and Andrew Georgiou from Warner Bros. Discovery also shared insights into the evolving landscape of the streaming industry. The event highlighted the fierce competition for viewer attention and spending, as companies continue to innovate and adapt to meet changing consumer demands.