He elevated Sarandos to co-CEO in 2020 and named Peters COO at the same time. He took the company public and guided Netflix through its triumphant tussle with the video rental chain Blockbuster. Hastings introduced a streaming service in 2007 and four years later separated the streaming business from the DVD-by-mail service. He also gave the streaming service the unfortunate name of Qwikster. But Netflix believes a cheaper, advertising-supported tier for cost-conscious consumers and a crackdown on people sharing passwords will boost growth.
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