Ted Sarandos, CEO of Netflix, touched upon various facets of the entertainment industry in a conversation with Anupama Chopra at the, Global Business Summit 2023. The conversation titled, “Cracking the Content Code”, set-off the glamorous two-day event at the Taj Palace, New Delhi.
Sarandos started by highlighting the changing consumer tastes in regard to content consumption as people are increasingly moving towards streaming platforms. When asked about his foremost priority as the CEO, Sarandos stressed the importance of business expansion.
“A lot has happened in the first half of the year, and the second half we’re focused on global content growth. Reigniting the growth of the company is my top priority as the world is moving towards content streaming,” he said at the Global Business Summit 2023.
The Netflix CEO stated listed 3 essential metrics for growth of streaming platforms: viewer engagement, revenue, and profitability. He said that Netflix is doing good in terms of viewer engagement. Without interested viewers, a platform can’t generate revenue for creating additional content, he said. Lastly, according to him, profitability is another important factor that determines the success of a company.
Ted Sarandos emphasised the need for curating content by taking into account the varied preferences of consumers. “We consider that you must bring a lot to the table as people have different tastes, and our investments have paid-off. Today, we produce practically every genre of programming and movies. We want to be viewers go-to choice for the genre they love,” the Netflix CEO said at the Global Business Summit 2023.
As per Sarandos, understanding the country’s culture is pivotal to catering to the tastes of an audience in any given country. “When you enter a new market, sometimes you miss something or the other. It’s important to understand the country and the challenges around it. India is a beautiful country, and we aim to produce 100 projects in the country. The idea is to cater to local tastes and desires,” said Sarandos at the Global Business Summit.
The Netflix co-CEO explained how the streaming behemoth made inroads into the Indian market through series like Sacred Games which incorporated cinematic elements into web series. He added that Netflix has a dedicated team in India, as opposed to a team from California, for better understanding the local culture and the local storytellers, and curating content accordingly. Sarandos also explained that American viewers are increasingly watching international content, something that was rare in the past, and how great content can cross borders to appeal to a larger audience.