Story perspectives

Netflix Names Peter Rice Chief Creative Officer

By Drooid · Oct 20, 2026, 1:57 AM UTC · How we work

Summary

Story summary

Netflix appoints Peter Rice as chief creative officer, replacing Bela Bajaria.
The appointment follows a cut of roughly 1,000 jobs, about 6% of its workforce.
Netflix’s shares have fallen more than 40% in the past year and are down 25% year-to-date.
The company forecasts $3 billion in ad revenue this year, targeting $8 billion by 2030.
Netflix plans to expand live sports, including NFL games and WWE RAW, to boost engagement.

History

Historical Context

In 2007 News Corp and NBCUniversal launched Hulu, the first major U.S. ad-supported streaming platform. By 2015 Hulu reached 9 million subscribers, proving the profitability of ad-supported models that Netflix mirrored in 2024 when it named Peter Rice chief creative officer after cutting roughly 1,000 jobs. Disney’s 2019 purchase of a majority stake in Hulu cemented the service’s position as a benchmark for ad revenue growth.

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Story summary

Netflix appoints Peter Rice as chief creative officer, replacing Bela Bajaria.
The appointment follows a cut of roughly 1,000 jobs, about 6% of its workforce.
Netflix’s shares have fallen more than 40% in the past year and are down 25% year-to-date.
The company forecasts $3 billion in ad revenue this year, targeting $8 billion by 2030.
Netflix plans to expand live sports, including NFL games and WWE RAW, to boost engagement.

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