Netflix has become such a global phenomenon that it is hard to imagine a world without it. As of June 2023, the streaming platform has a net worth of $184.90 billion, but who actually owns it? Introducing the people behind the brand, Reed Hastings and Marc Randolph…
Who owns Netflix?
Since Netflix is a publicly traded company, it is technically owned by many people.
Who founded Netflix?
Reed Hastings and Marc Randolph are the co-founders of Netflix, Inc. Founded in 1997, the duo started their business as a video rental company. Calling all millennials! Remember the days when DVDs were mailed? Talk about coming back.
© GettyNetflix was founded in 1997 and started as a video rental company
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It wasn’t until 2007 that Netflix started offering subscribers the ability to stream some of their movies, and the rest is history.
Who is Reed Hastings?
After the streaming platform’s continued success, Reed Hastings is now the Chairman of the Board of Directors of Netflix. He decided to step down as co-CEO in January, handing the reins to Ted Sarandos and Greg Peters.
© GettyReed Hastings is the co-founder of Netflix and is currently the chairman of the board of directors
As of 2023, Reed has an estimated net worth of $4.1 billion. According to Forbes, he currently owns 2% of the company’s shares. Since transitioning to executive chairman, the 62-year-old has served on numerous boards and nonprofit organizations.
Despite his success with Netflix, Reed – a former computer scientist and mathematician – never set out to revolutionize the entertainment industry. As it turned out, the idea for the company was born out of pure panic.
© GettyReed came up with the idea for Netflix after it failed to get Apollo 13 back on DVD
“I had to pay a large late fee for Apollo 13,” he famously recalled. “It’s six weeks late and I owe the video store $40. I lost the tape. It’s all my fault. I don’t want to tell my wife about it. And I said to myself, ‘I’m going to compromise my integrity. integrity of my marriage because of a late fee?’ Then, on my way to the gym, I realized they had a much better business model. You can pay $30 or $40 a month and work out as little or as much as you want.”
Away from his business activities, Reed lives in Santa Cruz, California with his wife Patricia Ann Quillin and their two children.
Who is Marc Randolph?
Marc Randolph is an American entrepreneur, consultant, and technology speaker. Along with Reed Hastings, he co-founded Netflix. After launching the brand as a video rental company in 1997, Marc eventually stepped down as CEO in 1999 and officially left the company in 2003.
© Instagram Co-Founder Marc Randolph is now a consultant and speaker
In an interview with Forbes in 2019, the 65-year-old called himself the “invisible face” when it came to Netflix, but was still satisfied with his decision to leave the company.
According to Celebrity Net Worth, Marc currently has a net worth of $100 million. Currently, he works as an advisor to founders and entrepreneurs. He is also the author of That Will Never Work: The Birth of Netflix by first CEO and co-founder Marc Randolph and regularly shares his business insights on his own podcast.
As for his personal life, Marc has been married to Lorraine Kiernan since 1987 and they have three children.
Categories: Entertaintment
Source: HIS Education