Reed Hastings leaves the command of Netflix with a rise in subscribers

The last quarter of 2022 featured 7.6 million more paying subscribers for Netflix .

In the midst of difficult days for the big technology companies, Netflix announced a successful closing of 2022 by raising its number of paid subscribers.

The entertainment giant presented its quarterly results, adding 230.75 million paying subscribers after introducing a more affordable but ad-supported membership in some markets.

Netflix managed to increase its subscribers by 7.66 million compared to the third quarter of 2022, when it added 223.09 million. Most importantly, the company got through a terrible second quarter of 2022, when its subscriber count dipped to 220.67 million.

All regions covered by Netflix registered an increase in paying members, with 1.76 million joining in Latin America (LATAM).

Netflix Leadership Change

This is also the last earnings report with Reed Hastings at the helm, after he resigned as joint CEO , giving way to Greg Peters , who will co-lead the company with Ted Sarandos .

Peters, who was promoted to chief operating officer two years ago, has raised expectations among people with knowledge of Netflix’s management.

One former executive told Insider that Peters “is the only visionary” among Netflix ‘s top executives . Part of his initiatives has been to bet on video games and a more affordable plan with advertising.