
Back to All News
Co-CEO Ted Sarandos Comments at the 2023 UBS Global TMT Conference
Business
04 December 2023
Global
Link copied to clipboard
Good afternoon - it's great to be here with you all today.
Greg Peters and I have been co-CEOs for nearly a year now, so I wanted to start with a few big picture observations about the industry, and about Netflix.
Entertainment has always been an industry of change - with new technology, competitors and consumer behavior all creating new business models.
Today choice and control are the price of entry in modern entertainment. And that is streaming.
It's what consumers want, and how our industry stays relevant - and growing - in the face of intense competition from new forms of media.
And like TV, cable and Pay TV, and home video sales and rental - all of which significantly changed our industry - streaming has opened up tremendous new opportunities:
With more TV shows and films being made - creating more jobs and a greater choice of movies and TV for consumers.
With more chances for more creators to have their voices heard.
And with a vastly expanded audience for the stories created.
Take TV, which has always been highly local. Streaming made it possible for:
Wednesday - a very American story - to find success all over the world and in countries like Korea and Japan, which haven't typically embraced US series
And for Squid Game - a quintessentially Korean story, rooted in Korean cinema - to become the most watched TV show ever - including in the US, where foreign language film and TV never typically generate a big audience
For Netflix, the transition from DVD to streaming, US to global and second run titles to originals was hard. These were big bets that took significant time, effort and investment. But we knew to succeed long term we had to get there.
And it's paid off. Since our global launch in 2016...
We've invested heavily in our slate - with content amortization up 3X from $5B to $14.5B a year.
While also steadily increasing our operating margins - up 5X, from 4% to 20%.
And growing our free cash flow - from negative $3.3B in 2019 to an estimated $6.5B this year alone.
So, as you can see, streaming is a good business.
With so much change in our industry, Greg and I spend a lot of time discussing where Netflix needs to adapt, and where we should stay consistent.
Our focus on constant improvement - a better slate, easier discovery and more fandom - has served us well over the years. So far this year alone we've had the #1 title in the US 42 out of 44 weeks, according to Nielsen.
Viewing on Netflix is many times greater than any of our nearest competitors.
And that matters because when people watch more, they're happier and place a higher value on our service - which means they stick around longer and recommend us to their friends.
That engagement really packs a punch not just for our fans and business but for our creators and even our competitors.
It's a virtuous cycle from which everyone can benefit.
Take Breaking Bad, Schitt's Creek, Shameless and The Walking Dead. These shows existed with a small cult following on cable TV. We turned them into award winning, commercial hits for both Netflix and their originating networks - bringing new popularity and extra revenue to the creators and casts.
Netflix has also brought new life to old shows like Full House, Gilmore Girls, The Office and Friends. When Suits launched on Netflix this summer it broke US viewing records - despite having already been on the USA Network and two competitive streaming services for several years.
And we did all that while building a library of original and exclusive series and films that generates more engagement, revenue and profit than any of our streaming competitors to date.
But as we learned in 2022, balancing consistency with adaptability is important to maintain our long term growth. Looking ahead we see big opportunities to .
Broaden our entertainment offering - and increase our value to members - with more variety in our non-English language slate, games, sports shoulder programing and live.
Deepen our connection with fans through marketing, consumer products and innovative, new live experiences like The Bridgerton Ball, The Squid Game Trials and Netflix House.
Diversify our revenue through advertising - while also offering low, highly competitive prices.
And if we can continue to execute well in our core, while establishing ourselves in these areas, we have so much more room to grow.
It's a $600BN+ opportunity revenue market across pay TV, film, games and branded advertising - and today Netflix accounts for .
Less than 10% of total TV time in our most popular countries
And just 5% of that revenue.
As I said at the start - it all begins with the consumer. Because when we delight our members, we can drive more engagement, revenue and profit than the competition - and create a wildly successful business and brand that will strengthen and grow over time.
Thank you.
Most recent headlines
04/09/2025
Monumental Sports & Entertainment (MSE), in collaboration with Dalet, has been a...
01/05/2025
WASHINGTON The Corporation for Public Broadcasting has filed a lawsuit to stop the Trump administration from firing three of its board members, claiming the pre...
01/05/2025
HONG KONG Riedel Communications today said it has opened a new office in Hong Kong, enhancing its presence in the Asia-Pacific region....
01/05/2025
MUMBAI, India & BALTIMORE In a development that could advance efforts to bring NextGen TV to cellphones, FreeStream Technologies, Lava International and HMD hav...
01/05/2025
01 05 2025 - Media release Screen Australia empowers 100 distinctive Australian narratives
All The Boys Are Here writer/director Goran Stolevski and It s All...
01/05/2025
How PFX Delivered 750 VFX Shots in Just Four Months For Anthony Hopkins Thriller...
01/05/2025
Careline's New Wave Makeup Commercial Shot With URSA Cine 12K LF
Brie Clayton May 1, 2025
0 Comments
CAD Studios relies on large format, full fram...
01/05/2025
RT Investigates reveals details of Christian Brothers who were senior leaders a...
01/05/2025
RT Statement
The Enterprise Resource Planning (ERP) project is one of the projects that was funded from the proceeds of RT 's land sale in 2017, the init...
01/05/2025
Watch our promo: RT Supporting the Arts | What's on
This May, RT is delighted to support Bealtaine Festival, Fastnet Film Festival, and Dublin Dance Fest...
01/05/2025
For Nicolas Simon, advancing the field of robotics is a personal mission that could change his siblings' lives.
Two-thirds of Simon's family members us...
30/04/2025
Film elements held at the Deluxe warehouse in March of 2015. Photo by Luis Silva...
30/04/2025
EA SPORTS FC 25 fans in Australia and Saudi Arabia, get ready to immerse yourselves in the beautiful game like never before. Spotify is excited to announce a n...
30/04/2025
The past year has been nothing short of a whirlwind for Tucker Wetmore. After th...
30/04/2025
Mexico's love for podcasts is no longer a trend-it's a lifestyle. With m...
30/04/2025
Slam poet Huda the Goddess wins 2025 Les Murray Award
30 April, 2025
Media releases
Australia for UNHCR and SBS are proud to announce that Huda Fadlelmawla...
30/04/2025
SBS, NITV and NIDA partner to empower the next generation of screen creatives
30 April, 2025
Media releases
SBS, National Indigenous Television (NITV) and ...
30/04/2025
By Joyce JC Cataldo
The media and entertainment industry is evolving faster than ever. Technology is shifting the way we create, distribute, and experience c...
30/04/2025
An image of Valencia, Spain, in the OneAtlas Living Library...
30/04/2025
NEWPORT BEACH, Calif. WPSD-TV, the NBC affiliate in Paducah, Ky., has selected Bitcentral's Central Control playout system to upgrade the station's mast...
30/04/2025
AMSTERDAM Zero Density, a global provider of virtual studio productions and on-air graphics, has appointed Baris Zavaroglu as its new CEO. Zavaroglu succeeds Of...
30/04/2025
The Avit Group, a forward-thinking audio-visual technology company, is bringing over 50 years of combined experience in delivering audio-visual design and insta...
30/04/2025
NXTGENbps will be showcasing its latest sustainable battery power solutions at this year's Media Production & Technology Show (MPTS), appearing alongside pa...
30/04/2025
Van Dyke skates and operates on Shoresy | photo by Dave Ferguson
Toronto-based Cinematographer Brett Van Dyke (Heartland, Jann, Carter) stepped into the rink...
30/04/2025
Leading provider of media playout solutions PlayBox Neo will exhibit a vast array of significant upgrades to its range of smart media innovations at CABSAT from...
30/04/2025
ITV Studios is renowned for its award-winning productions, including the reality TV phenomenon I'm a Celebrity Get Me Out of Here! Produced by Lifted Ente...
30/04/2025
The UK's presence at this year's CABSAT brings together 20 innovative companies under the GREAT Britain and Northern Ireland banner. From advanced infra...
30/04/2025
Lightware continues to strengthen its Environmental, Social, and Governance (ESG) initiatives by fostering diversity, inclusion, and community engagement within...
30/04/2025
LiveU is demonstrating for the first time in the UK, its revolutionary technological breakthrough in IP-video transport, LiveU IQ (LIQ ) and bringing its expand...
30/04/2025
Stand: A40
Calrec has been putting sound in the picture for more than six decades and is still pushing the boundaries of audio broadcasting with a full range o...
30/04/2025
Buckinghamshire New University (BNU) has opened its new virtual production studio, designed and integrated by CJP Broadcast. The installation equips students wi...
30/04/2025
Independent news producer in India focuses on delivering stories
nxtedition has supplied a complete newsroom system to Collective Newsroom, based in New Delhi,...
30/04/2025
Connecting the present, building the future
FOR-A, a cutting-edge video broadcast technology company backed by more than 50 years experience, will showcase it...
30/04/2025
DAD by NTP Technology reports a successful NAB Show in Las Vegas where the company focused on upcoming expansion options in development for its Thunder | Core a...
30/04/2025
CVP and Canon UK & Ireland are proud to announce the winning projects from the third annual Stories in Motion Young Filmmakers Awards, which took place on the e...
30/04/2025
Leading video software provider, Synamedia, today announced that beIN MEDIA GROUP ( beIN'), one of the foremost global sports and entertainment broadcasters...
30/04/2025
The Canadian Premier League (CPL) today launched a new-look website and app, offering supporters of Canada's men's domestic professional soccer league a...
30/04/2025
WASHINGTON In a wide-ranging press conference, Federal Communications Commission Chair Brendan Carr had both good and bad news for broadcasters, stressing that ...
30/04/2025
TORONTO Cignal TV is relying on Quickplay's Shorts tool for its recently launched Pilipinas Live Shorts service, available to millions of users of Pilipinas...
30/04/2025
NEW YORK Steve Lanzano will retire as president and CEO of the Television Bureau of Advertising at year-end, the group said....
30/04/2025
The news production tech provider nxtedition is reporting that it supplied a complete newsroom system to Collective Newsroom, an independent news producer based...
30/04/2025
NEW YORK As part of a major push to advance the role that artificial intelligence (AI) plays in the advertising industry, the Interactive Advertising Bureau has...
30/04/2025
Uzbekistan Airways is the latest airline to choose SES's network, while Thai...
30/04/2025
Loaded Uses Blackmagic Design for shroud Subathon Live Streams
Brie Clayton April 29, 2025
0 Comments
Blackmagic Studio Cameras and Micro Studio Camer...
30/04/2025
Help shape the future of video creator tools with MIDiA
Brie Clayton April 29, 2025
0 Comments
After a successful debut in 2024, MIDiA is calling once...
30/04/2025
Tania Le n and Kelli O'Hara to be Honored at Boston Conservatory at Berklee&...
30/04/2025
Andr 3000 and Sara Bareilles to Receive Honorary Doctorates at Berklee College ...
30/04/2025
You've seen the headlines, now it's time to go Behind the Story
RT News has today (Wednesday) launched a brand-new news podcast, Behind the Story, h...
30/04/2025
Damien Molony will head back to Jersey for a second series of Bergerac, written by Toby Whithouse alongside Ashley Sanders, Emilie Robson and Faebian Averies
D...
30/04/2025
Advancing multi-domain EW operations: Rohde & Schwarz unveils latest innovations...