That number will likely continue to grow as the company doubles down on investing in live sports and events, partnerships with prominent podcasters and content creators, games, and AI-powered discovery, search, advertising, and creation tools—including, in March, an acquisition of Ben Affleck's AI filmmaking company InterPositive. Peters says Netflix’s ability to play in both the creative and tech spaces is what gives the company its edge. “They can be as good as us in one,” he says of competitors. “But being as good in both is tough.”
This interview has been condensed and edited for clarity.
I would say we thought of this [deal] as just one of many mechanisms for growth. Most of our businesses involve adding more entertainment value for our members. We can produce content, we can license content, we can partner with people—as you may have seen us doing in Korea with SBS or in France with TF1—or, somewhat more rarely and somewhat more exotically, you can buy a company as a way to get to growth.
Would the company pursue an acquisition of this scale in the future?
Since launching in 2022, Netflix’s ad tier has become a core growth engine for the company. What steps did the company take to make that shift successful?
A big benefit of this is that, with an ads plan, you get to have a lower consumer price, and that means more people on the planet think that exchange is a better option for them. Fundamentally, we looked at this as more choice, more options for consumers… it expands our audience, which is great. And then, of course, we work to close the revenue gap with the brands and advertisers. And that's a real big fundamental change since we've launched—we're now on our own ad stack. That's something we completed in 2025, so it's exciting to be in that place, because now we are sort of in our sweet spot…we're able to think about innovation and changing what that model looks like.
How do you define creative-forward?
The Wendy's ads with Wednesday—that would be a good example of where we're doing that work that historically has been very difficult to do. It's hard to get to do that matching between the title creative and brand creative. But I would say the tools that we are building—and the advent of things like generative AI—will make that easier and easier to do.
You hit the three areas that we're investing in. And I'd also say, just to check it off, we're going to do what I think every company is going to do, which is seek productivity enhancements in those other areas.
Netflix has increasingly struck high-profile deals with content creators, including podcasters, ostensibly to take on competitors like YouTube. What do you see as the future of this part of the business?
Video podcasts, we almost see as an extension of the talk show on television. We want to make sure we're giving our members the opportunity to see those things on Netflix… and so we're going to go after those top storytellers. We think we have a pretty compelling model in terms of reach and the product experience we give. And then, overall, our monetization on a per-hour basis is better than YouTube, right? And so we think we should compete for those top storytellers.
I go back to: live is the strategy. And then we fulfill that strategy through a variety of programming, some of which includes sports. We think that there's an opportunity to extend the kind of entertainment that we're giving to our members… Whether it's in the NFL Christmas games, or the Canelo Crawford fight, where we got to 41 million viewers around the world, 20 million in the United States—these are quite big moments where there’s real value in the shared experience.
Netflix has continued to increase pricing across tiers. How do you think about the ceiling of what consumers are willing to pay for?
The way that we make that work, from the business perspective, is that we deliver more value. We occasionally ask them, “Hey, please pay a little bit more.” And then we keep that flywheel spinning because we can reinvest in more and more content.
We've got a set of competitors that sit historically in that creative space. Disney's good at making things; Warner’s good at making things. We seek to be competitive and as good as them, but they are not as great on the tech side. The other set of competitors we have is maybe YouTube or Amazon. They tend to be pretty good at the technology and the product experience stuff, but maybe less good at the creative execution.
Putting the two together is hard. These are two worlds that speak different languages, typically, and they think about things differently. But us being able to navigate that difficulty is essentially a competitive mode—because it's just harder for either competitor set to be as good as we seek to be about both. They can be as good as us in one, but being as good in both is tough.
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