Netflix has 151 million subscribers worldwide, but most of them have never heard of Marc Randolph, its 1st CEO and cofounder
Netflix has 151 million subscribers worldwide, but most of them have never heard of Marc Randolph, its first CEO and cofounder. Randolph stepped down as CEO in 1999—replaced by cofounder Reed Hastings—to turn to product development and departed the company in 2003, a year after its IPO. But Randolph is fine with that and with his decision to leave before Netflix became the streaming giant that it is today.
They decided to turn down the acquisition offer and double down on rentals, closing the sales business, as Amazon would beat them anyway when it entered the DVD market.The choice paid off in spades. Netflix’s market cap stands at $129 billion. Hastings, who owns approximately 2.5% of the company, is worth $3.3 billion. As for Randolph, his stock at the time of the IPO would be worth roughly $250 million today, and he has likely sold most of it.
“As you get older, if you’re lucky, you realize two things: what you like, but also what you’re good at,” Randolph, 61, says. “The answer to both of them [for me] is early-stage companies. I like the chaos. I like the fact that you’re working on hundreds of things at once.” He typically mentors two to three founders at a time in order to know them deeply on a personal and professional level. “They’re going to call you at two in the morning all panicky about something,” Randolph says. “If you don’t like them, or you’re not too willing to talk on the phone, and when they have a crisis, you want to plunge in and help them because you’re friends with them.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Netflix Cofounder Marc Randolph On Why He Left, Becoming A Mentor And His Love Of ChaosRandolph stepped down as CEO of Netflix in 1999 and departed shortly after the company went public in 2002. In his new memoir, he chronicles the journey of Netflix from its start as an eight-employee startup to his departure.
Read more »
Netflix's first CEO says its recommendations have always been based partly on your taste and partly on what Netflix needs you to watchNetflix's cofounder and first CEO, Marc Randolph, explains the strategy behind the company's original recommendation engine.
Read more »
Netflix co-founder says he 'loves what's happening' with streaming warsNew streaming services from Disney, Apple and others are 'great for consumers,' says Marc Randolph, Netflix's first CEO.
Read more »
The Wing's cofounder just became the first visibly pregnant CEO featured on a business magazine coverThe 32-year-old decided to appear visibly pregnant to show other women that they too can simultaneously run a business and start a family.
Read more »
Sallie Krawcheck: 'Don't buy daily coffee' is terrible advice—here's whyHere's why Ellevest cofounder and CEO Sallie Krawcheck doesn't want you to feel guilty about buying a coffee every day.
Read more »
ThirdLove Founders Respond to Allegations of ‘Toxic’ WorkplaceThirdLove co-founders have disputed media reports claiming that their image of inclusion was a sham. 🔐
Read more »